Stripe, the payments company announced its plans to expand worldwide payouts using crypto assets. Stripe’s crypto executive Karan Sharma revealed crypto payouts for the firm’s Connect service to a select group of Twitter users as the social media platform is Stripe’s first partner.
Stripe and Twitter partner to test Crypto Payouts feature using the Stablecoin USDC
Stripe revealed on Friday that it plans to allow businesses to pay users in digital currencies via a pilot through Stripe’s Connect service. The company’s first partner is Twitter and crypto payouts will at first start with usd coin (USDC) payments. If they earn from Twitter services, such as Super Follows and Ticketsed Spaces, then a certain amount will be paid USDC starting today.
“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,” Sharma’s blog post explains. “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.”
Stripe as well as Twitter have no problem with crypto assets. Crypto tipping was introducedThe end of September 2021. Stripe states that USDC will initially support crypto, but USDC transactions will only be done via the Polygon Network. “[Users] can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency,” Sharma said. “We plan to add support for additional rails and payout currencies over time.”
Stripe stated that Stripe is eager to share its new feature and other partners. Stripe also revealed that the company published an integration guideParticipants interested in the beta program can apply for access. “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.”
What do you think about Stripe’s new payouts in crypto and partnering with Twitter to pilot the program? Please comment below on your views.
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