Stripe and Twitter are experimenting with cryptocurrency payments for creators

 

Stripe, the online payments company, announced on Friday that it will begin allowing Twitter stars to be paid in a dollar-pegged cryptocurrency, marking the latest endorsement of digital money.

Stripe said in a blog post that it wants to spread the option to other online platforms where "creators" who draw audiences may earn money through subscriptions and access to exclusive content.

In the article, Twitter creators product lead Esther Crawford wrote, "We're committed on enabling creators who drive those discussions make money and connect with their audiences in new ways."

"We're delighted to start giving cryptocurrency payouts via Stripe to artists so they have additional options for how they get paid."


The functionality emerges as Twitter seeks to fend off an unwelcome bid for the one-to-many chat network by billionaire Elon Musk, and as bitcoin supporters work to make it mainstream.

Stripe will handle the behind-the-scenes work to enable a "limited set" of well-known Twitter characters to be paid in the USDC stablecoin, which is tethered to the US dollar, according to the businesses. 

"With crypto rewards for Connect, artists who opt in will be able to have their revenues paid out to a bitcoin wallet," according to the blog post.

"Many people who would not otherwise be able to handle dollars will be able to do so."

According to the corporation, the Stripe Connect payment system is utilised to transmit money in more than 70 countries.

In the future, the financial technology company wants to add more partners, nations, and cryptocurrencies, according to the company.

Stripe used to allow bitcoin transactions but discontinued in 2018, citing timing and fee problems. It has lately shifted gears, announcing collaborations with FTX and Blockchain.com, two crypto trading platforms.



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