With the launch of Stripe newest crypto services, Twitter creators will be among the first to get paid in USDC stablecoin
Crypto Payouts With Stripe & Twitter
Stripe, the payments behemoth, stated on April 22 that it is extending worldwide disbursements with crypto assets through a new trial. Stripe’s crypto executive Karan Sharma unveiled cryptocurrency payouts for the company’s Connect service to a small set of Twitter users, since the social media network is Stripe’s first partner.
Twitter has been chosen as Stripe’s first crypto payment partner, and the social media network already utilizes Stripe Connect to pay creators profits from its monetizing options, such as ticketed virtual events held on Spaces and the Super Follows subscription program.
While including cryptocurrency in the payout choices is an obvious decision to tempt more creators who are already indulging or doing more with cryptocurrencies, it also opens the door to using them in conjunction with creators working with more crypto-native content, specifically NFT.
Quotes
Esther Crawford, Product Lead for Creators, Twitter, said: “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.”
Karan Sharma, Stripe’s crypto executive, explained in the blog: “With crypto payouts for Connect, Twitter will make it possible for creators who opt in to have their earnings paid out to a cryptocurrency wallet. Stripe will handle all crypto-related complexity and operations. No code changes are required, and platforms can avoid taking on the challenges of acquiring, storing, or transferring crypto themselves. Users can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency. We plan to add support for additional rails and payout currencies over time.”
“We’re excited about what this represents and about the potential for cryptocurrencies to help solve real-world problems, especially outside of major markets,” Sharma’s blog post concludes. “By the end of the year, Stripe plans to support crypto payouts in more than 120 countries.”
