Stripe Connect is launching crypto payment capabilities to help creators, freelancers, sellers and solopreneurs get paid faster no matter where their fans are located.
Businesses worldwide use Stripe Connect to easily and securely send payouts to over 70 countries in local currencies. But some regions are still out of reach due to the complexity of their local payment systems, making participation in the digital economy difficult.
“Stripe will initially support payouts in USDC, a stablecoin pegged to the US dollar. This will enable many people who wouldn’t otherwise be able to hold dollars to do so. Payouts will take place over the Polygon network, which we chose for its low fees, speed, integration with Ethereum, and broad wallet compatibility (including MetaMask, Coinbase Wallet, and Rainbow),” according to a press release emailed to PYMNTS on Friday (April 22).
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Stripe has been researching how to use crypto-based platforms to unlock broader access and looking beyond the “store of value” aspects of cryptocurrencies that typically garner the most attention. As a result, Stripe concluded that the prospect of “open-access global financial rails” is equally compelling.
Twitter is Stripe Connect’s first partner and a select group of creators on Twitter will be able to use cryptocurrency-based rails to receive their earnings. In the pilot program, Twitter will use Connect to pay creators from Twitter’s creator monetization products, including Ticketed Spaces and Super Follows.
Crypto-related functions will be handled by Stripe, allowing Twitter to enable crypto payouts for creators who opt in. No code is needed and neither creators nor Twitter will have to worry about acquiring, storing, or transferring crypto themselves.
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“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,” said Esther Crawford, Product Lead for Creators, Twitter.
Once creators receive their earnings, they 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,” per the release.
