Payments technology firm Stripe has announced the expansion of its Stripe Connect program, with an initial pilot phase that will enable creators, freelancers, sellers, and entrepreneurs to get paid in crypto from various platforms, including Twitter.
Stripe claims that this expansion follows how Stripe Connect has served businesses from over 70 countries whose local currencies have been integrated into its system. Stripe cites this same barrier as a difficulty, especially as the global economy is rapidly shifting into a digital-first environment.
“While the “store of value” aspects of cryptocurrencies typically receive the most attention, we view the prospect of “open-access global financial rails” as being at least equally compelling. As a result, we’ve been exploring ways to use cryptocurrency-based platforms to unlock broader access,” Stripe explained in a company blog post.
The crypto payouts program for Stripe Connect will be piloted to a select group of creators on Twitter, its first partner. These select creators will be able to utilize crypto-based payment railways to receive their earnings from Twitter. Stripe has not disclosed which blockchains in line to be integrated for this program, but based on an illustration on its blog post, users may be able to connect their MetaMask, Rainbow, Coinbase, or other WalletConnect wallets (for hardware-based devices) and receive amounts based on the USDC stablecoin.
All transactions will be processed through the Polygon Network, which Stripe claims is its most viable choice because of low fees, speed, integration with Ethereum, and multi-wallet compatibility. Creators may then opt to hold their balance over the Polygon blockchain, or bridge to Ethereum and swap it out with another cryptocurrency.
“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,” shares Esther Crawford, Product Lead for Creators at Twitter.
Stripe’s partnership with Twitter has led the latter to serve its users through monetization products such as Ticketed Spaces and Super Follows. The new program will enable Twitter creators to receive earnings directly on their crypto wallets. Stripe’s API will be handling all the backend operations and platforms that are already integrated with Stripe will not be required to update to the new wallet logic. Stripe claims that it plans to be able to support crypto payouts for over 120 countries by the end of the year, alongside an expansion of its Global Payments and Treasury Network (GPTN) infrastructure and service architecture.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
