Companies like Twitter may use Stripe to give authors the option of receiving cryptocurrency payments.
Stripe, a financial infrastructure platform for businesses, said today that cryptocurrencies can now be used to pay merchants, freelancers, content creators, and service providers on Stripe platforms and marketplaces. Payouts will be made in USD Coin (USDC), a stable coin pegged to the US dollar, at first.
Companies like Twitter may use Stripe to give authors the option of receiving cryptocurrency payments. This feature will be used to pay out revenue from Ticketed Spaces and Super Follows on Twitter. This option will be available to a select number of Twitter creators in the United States at first.
Twitter’s product lead for creators, Esther Crawford, explained that Twitter is where people go to talk about what’s going on. We’re primarily interested in assisting creators who are leading those dialogues in earning money and connecting with their audiences in innovative ways. We’re delighted to start providing cryptocurrency rewards to creators via Stripe, giving them more options for how they get paid.
Stripe has greatly simplified the experience of worldwide payouts for platforms and online marketplaces over the last ten years. Stripe Connect allows businesses to pay people in their local currency in over 70 countries programmatically.
Platforms using Connect can now participate in the Web3 economy without needing to acquire and hold crypto themselves, thanks to the advent of coin payouts. They can now promptly payout to their subscribers in even more nations, and improve their offerings for those who prefer crypto to regular cash.
Stripe will initially only support payouts in USDC to Polygon-compatible wallets. Stripe will extend support for more cryptocurrencies and blockchain networks later this year. In the Stripe Dashboard, platforms and their end customers may easily monitor and manage payouts, including cryptocurrency.
One of the most potent ways Stripe is pursuing our aim to expand the internet’s GDP is by making commerce more global. Crypto protocols are a natural vector for this because they are worldwide by default. According to Will Gaybrick, chief product officer at Stripe, platforms leveraging crypto payments may send money to verified receivers practically anywhere in the globe, instantly.