Stripe, a financial infrastructure platform for businesses, today announced that platforms and marketplaces using Stripe will be able to instantly pay their sellers, freelancers, content creators, and service providers using cryptocurrencies. Payments will initially be available in USD Coin (USDC), a stablecoin pegged to the US dollar.
Thanks to Stripe, companies like Twitter will be able to offer creators the option to receive payments in cryptocurrencies. The company will use this modality to pay the income from Ticketed Spaces and Super Follows. This option will initially be offered to a small group of US creators of the social network.
«Twitter is the place people go to talk about what’s going on. We’re focused on helping creators fueling those conversations earn money and connect with their audiences in new ways. In this regard, we are excited to start offering cryptocurrency payments to creators through Stripe to give them more choice in how they get paid.“, it states Esther Crawford, Product Manager for Creators at Twitter.
How does it work
Over the past 10 years, Stripe has dramatically simplified the global payment experience for online marketplaces and platforms. With StripeConnectcompanies can schedule payments to people in more than 70 countries, in their local currency.
With the addition of cryptocurrency payments, platforms using Connect can participate in the Web3 economy without having to purchase and store cryptocurrency. Now, they can quickly pay their users in more countries and improve their services for those who prefer cryptocurrencies to traditional payment methods.
Stripe will initially support payments in USDC to wallets compatible with the Polygon network. Later this year, Stripe will expand support for other cryptocurrencies and blockchain networks. Platforms and their end users can easily monitor and manage payments – including cryptocurrencies – in the Stripe dashboard.
“Making commerce more global is one of the most effective ways to accomplish our mission to increase Internet GDP. Since cryptographic protocols are global by default, they are a natural vector to achieve this. With cryptocurrency payments, platforms using Stripe can send money to verified recipients almost anywhere in the world, instantly«, assures Will Gaybrick, Stripe Product Manager.