- Connect, a Stripe payment processor tool that allows you to receive payments on platforms, will now accept payments in cryptocurrencies.
- The first partner of this platform to test crypto payments will be Twitter, which will offer its content creators the possibility of receiving payments with cryptocurrencies.
- Stripe will initially support payments in the USDC stablecoin and payments will be made through the Polygon network.
The use of cryptocurrencies as a payment method is, for some, one of their biggest dreams since the market has existed. Now, the giant payment processor, Stripewill work on allowing its clients to pay their users through cryptocurrencies.
According to Stripe’s announcement, the plans are to allow their customers to pay with cryptocurrencies through Stripe’s Connect, a Stripe tool that allows you to integrate payments into a software platform or marketplace. At the moment the pilot program is exclusively available for Twitter Stripe’s first partner in this project.
Creators will be able to receive crypto payments
This tool will be available to content creators on the social network, which will be able to choose to receive their payments in USDC in case they earn from Twitter services such as Super Follows and Ticketed Spaces.
“With crypto payments for Connect, Twitter will make it possible for creators who opt-in to pay their earnings into a crypto wallet.“, explains the publication of the stripe’s blog. “Stripe will take care of all the operations and complexities related to cryptocurrencies. No code changes are required, and platforms can avoid taking on the challenges of acquiring, storing, or transferring crypto themselves”.
For those unaware, USDC is Circle’s stablecoin. This means that it is a cryptocurrency whose value is pegged 1:1 to the value of the US dollar.
Stripes Connect expands into the crypto industry
Stripe’s service is to provide businesses with the ability to connect with the company’s payment APIs, including its Know-Your-Customer onboarding.
Currently, Stripe’s Connect includes a variety of payment methods and currencies, and is also available in more than 70 countries. However, it is never enough and, for this reason, they now seem to be betting on the cryptocurrency market.
That is why they have been working on “exploring ways to use cryptocurrency-based platforms to unlock broader access,” according to the statement.
“Twitter is where people go to have conversations about what’s going on. We’re focused on helping creators fueling those conversations earn money and connect with their audiences in new ways. We’re excited to start offering crypto payments to creators through Stripe so they have more choice in how they get paid.”, explained Esther Crawford, Product Leader for Twitter creators.
This pilot program would mark the first step on Stripe’s path to the world of cryptocurrencies.
How will it work?
A select group of Twitter have been included in the pilot and as such will be able to choose to receive their payments in USDC. Payments will run on the Polygon blockchain. Stripe has among its plans to incorporate new blockchains.
Users who choose to receive payments in USDC will be able to take them to the Ethereum Blockchain or simply hodl.
For its part, Twitter’s monetization services are Super Follows and Ticketed Spaces. The first allows users to create unique paid content for followers, and the second allows content creators to charge their users to enter Live Spaces.
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