Payments company Stripe, the world's most valuable private startup, is turning to cryptocurrencies, a move that has been hailed by evangelists in the space as a sign of legitimacy for so-called Web 3.0.
On its website, Stripe details the wide range of crypto-focused services currently offered, including fiat payment APIs, Know Your Customer (KYC) tools, fraud prevention, on-ramps, and identity verification.
Stripe president John Collison announced the news in a tweet.
Stripe now supports cryptocurrency businesses: exchanges, on-ramps, wallets, and NFT marketplaces. Not only payments, but also payments, KYC and identity verification, fraud prevention and much more. https://t.co/3X173SkdPdMarch 10, 2022
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The move is legitimately huge for the space, as Stripe has become one of the most pivotal fintech startups of its generation, powering transactions across the web with its easy-to-use tools.
FTX, a popular cryptocurrency exchange, has partnered with Stripe to help improve their KYC protocols. "We want FTX to become a trusted consumer brand," said FTX's Tristan Yver. "We've partnered with Stripe to help us transform what could be unintuitive crypto experiences into experiences that exceed consumer expectations."
To Web3 and beyond
The crypto space, often described as Web 3.0, has taken off over the last year, to say the least.
Cryptocurrencies, the most popular manifestation of Web 3.0 technology, have grown by several thousand percent in some cases, led by Bitcoin and Ether, and non-fungible tokens (NFTs) have quickly become a hot commodity.
Venture capitalists, including Andreessen Horowitz, are pumping billions into the space to help nurture the next generation of internet companies, including NFT marketplace OpenSea and cryptocurrency exchange Coinbase.
Stripe's crypto tools offering is a validation of the space in a way and will certainly allow businesses to properly integrate cryptocurrencies into their products and services.