Key Takeaways:
- Stripe Connect has partnered with Twitter to launch its first cryptocurrency-based payouts scheme.
- Earnings from content providers will be paid directly to a cryptocurrency wallet.
- Stripe will manage all “crypto-related complexities and activities,” according to a press release.
Stripe is expanding its crypto presence by partnering with Twitter to let producers on the social media platform be paid in stablecoins.
In the future, the company said it plans to extend beyond the USD Coin, a stablecoin whose value is fixed to the dollar, to other cryptocurrencies. Stripe will accept payments in USDC, a stablecoin guaranteed by the US dollar, and transactions will take place on the Polygon network. Stripe will eventually support different rails and currencies.
Stripe’s decision is the latest sign of the company’s renewed interest in cryptocurrencies, following in the footsteps of competitors like Block Inc., PayPal Holdings Inc., and Checkout.com.
Stripe ceased handling Bitcoin payments in 2018 but resumed recruiting cryptocurrency expertise the following year, and stated in March that it was supporting digital-asset exchanges FTX and Blockchain.com with online payments and customer verification.
Twitter users will first be able to earn payments in the stablecoin USD Coin. Polygon is designed to make Ethereum more efficient and user-friendly and will be used to handle payouts across the Stripe Connect platform.
‘’Twitter is where people go to have conversations about what’s happening. We’re focused on helping creators who drive those conversations earn money and connect with their audiences in new ways. We’re excited to begin offering crypto payouts to creators via Stripe so they have more choice in how they get paid’’.
Stripe connect, a full-service ‘payment processor’ founded in 2012, can act as a third-party payment processor as well as a payment gateway. It accepts credit and debit cards, as well as automated clearing house (ACH) transactions.
