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Sunday, June 26, 2022

Payments Firm Stripe Adds Crypto Support For Twitter

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Stripe, an online payment platform, said on Friday it will support cryptocurrency payouts to Twitter creators.

However, this will initially be available for some selected groups of creators on Twitter. Stripe will for now only support payouts in USDC, a stablecoin.

The move comes amid growing adoption and integration of cryptocurrencies by major non-web3 firms. Stripe had earlier this year begun supporting crypto businesses.

Stripe chooses USDC for Twitter payouts

Stripe has explained that the organisation was exploring directions over how to utilise crypto based platforms for broader access. Now, Twitter users will be able to use the platform to accept their earrings in crypto. Funds collected from monetising products like Super Follow and Ticketed Space are already been paid to the creators via Connect.

As per the blog, now creators can choose to get paid out to a cryptocurrency wallet. The payment platform will be handling all the crypto related operations. Stablecoin pegged to the US dollar, USDC will be used to hand out payments as many users may like to hold to dollars. USDC is the second largest stablecoin. It is the 5th biggest cryptocurrency with a total market capitalization of over $49.8 Billion.

Jeremy Allaire, co-founder of Circle, expressed that Stripe going for USDC is a big signal of things to come in the future. Circle pay also believes that the stablecoin will unlock a huge potential for internet commerce.

Stripe goes for Polygon network to support payments

Meanwhile, Stripe mentioned that the Polygon network will be used to make the payments. The blog explains that Polygon is chosen for several reasons which include low fees, integration with Ethereum (ETH) and massive compatibility. The received amount can be held on Polygon or it can be bridged to ETH to convert it into any other currency. However, the Stripe aims to build support for more currencies over time.

Esther Crawford, Twitter’s Product lead for Creators, expressed that the platform is looking to help creators who attract conversations and impressions. The partnership with Stripe will open a choice for the creators to get paid in crypto too.

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