Stripe, a popular American financial services and software service company, has announced the rollout of crypto payouts for its product, Stripe Connect, and Twitter being its first partner. Stripe is known for creating and implementing payment processing software’s and application programming interfaces for e-commerce websites and mobile applications.
According to the announcement, a select group of creators on Twitter will be able to receive their earnings on the platform in the form of the USD Coin (USDC) stablecoin, the second most capitalized stablecoin with a market capitalization of over $50 billion.
The announcement also mentions that payments will occur via the Polygon (MATIC) network, a layer-2 solution for the Ethereum blockchain, known for its low fees, fast transaction speed, innovative zero-knowledge technology and integration with Ethereum (ETH).
What you should know
- The innovation, Stripe Connect, according to the announcement, was born out of the need to create avenues for creators and freelancers to easily receive compensation for their work. The announcement reads, “While it’s easier than ever before to find customers and fans, getting paid can still be difficult, especially outside of major markets. We built Stripe Connect in part to solve this problem.”
- Twitter will be the first company to try out the feature by allowing earnings to be paid out to content creators in crypto for users of the company’s monetization products such as “Ticketed Spaces” and “Super Follows.”
- Content creators and freelancers would first need to pace Know Your Customer onboarding checks conducted by Stripe. Afterwards, they can manage their account details, track real-time earnings and upcoming payouts into their crypto wallets.
- The announcement mentions that by the end of the year, Twitter and Stripe plan to expand the program to over 120 countries. Regarding the development, Esther Crawford, Twitter’s product lead for creators, commented stating, “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.”
- She further stated, “We’re excited to begin offering crypto payouts to creators via Stripe, so they have more choice in how they get paid.”
- As previously mentioned, payouts will take place over the Polygon layer 2 solution and a broad wallet compatibility (including MetaMask, Coinbase Wallet, and Rainbow), will exist.
Twitter has been on the news lately, subject to what many are calling a “hostile takeover” by billionaire entrepreneur and Tesla CEO, Elon Musk. According to Musk, his top pledges, should he succeed in acquiring the social media giant, will introduce a Dogecoin (DOGE) payment option for its Twitter Blue monthly subscription service.