Twitter to allow crypto payments, backed by Stripe
The payouts are initially expected to be rolled out with USDC, with more cryptocurrencies being added over time
By Shashank Bhardwaj
American microblogging and social networking service company Twitter is reportedly teaming up with Stripe, an online payments company, to allow merchants to pay their customers in cryptocurrencies.
Stripe will only accept payments in USD Coin (USDC), a stablecoin pegged to the US dollar, for the time being. “This will enable many people who wouldn’t otherwise be able to hold dollars to do so,” says Stripe. Payouts are expected to take place on the Polygon network because of its low fees, Ethereum integration, and broad wallet compatibility that covers MetaMask, Coinbase Wallet, and Rainbow.
Twitter will be the first merchant to make use of Stripe's new payment option, allowing certain users to collect earnings in USDC. Given that Twitter's focus on creators has mostly been on how to give creators methods to monetise services that the social media firm already provides to all users, the addition of crypto payments is an interesting move that could indicate how the company is altering its monetisation strategies. Currently, some of the creator monetisation services on Twitter include Super Follows, ticketed Space Events, Tips, etc.
Stripe's latest move also highlights the company's renewed interest in cryptocurrencies. Stripe had discontinued accepting Bitcoin payments in January 2018, claiming that the token's volatility and inefficiency rendered it unsuitable for ordinary transactions. The company, however, announced in October 2021 that it would be re-entering the cryptocurrency sector and began hiring crypto talent. Because USDC is pegged to the US dollar, it is ideal for use as a cryptocurrency with greater price stability than Bitcoin and other digital currencies.
“Once creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency,” Stripe says. Stripe also plans to support other cryptocurrencies beyond USD Coin by the end of 2022, allowing crypto payments in more than 120 countries.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Opera crypto browser now available on iOSRead More..
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Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..