Stripe today announced that platforms and marketplaces on Stripe can now instantly pay funds to their sellers, freelancers, content creators, and service providers using cryptocurrency. Initially, payouts will be available using USD Coin (USDC), a stablecoin pegged to the US dollar.
Using Stripe, companies like Twitter can offer creators the choice to receive payments in crypto. Twitter will use this feature to pay out earnings from Ticketed Spaces and Super Follows. This option will initially be offered to a small group of Twitter’s US creators.
Twitter’s Official Statement
“Twitter is where people go to have conversations about what’s happening. We’re focused on helping creators who are driving 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 at Twitter
How will it work?
Over the past 10 years, Stripe has drastically simplified the experience of global payouts for platforms and online marketplaces. With Stripe Connect, businesses can programmatically pay out to people in more than 70 countries—in their local currency.
With the addition of crypto payouts, platforms using Connect can participate in the Web3 economy without having to acquire and store crypto themselves. Now, they can quickly pay out to their users in even more countries, and improve their services for those who prefer crypto over traditional fiat payment methods.
Stripe will initially support payouts in USDC to wallets compatible with the Polygon network. Later this year, Stripe will roll out support for additional cryptocurrencies and blockchain networks. Platforms and their end users can easily monitor and manage payouts—including crypto—in the Stripe Dashboard.
Stripe’s Official Statement
“Making commerce more global is one of the most powerful ways we’re going after our mission to increase the GDP of the internet. Because crypto protocols are global by default, they’re a natural vector for doing this. With crypto payouts, platforms using Stripe can send money to verified recipients nearly anywhere in the world, instantaneously.“said Will Gaybrick, chief product officer at Stripe
Polygon (MATIC) Interface
Last Friday, the Polygon (MATIC) cryptocurrency picked up steam after payment processor Stripe announced that it would leverage Polygon’s platform that allows clients to pay digital currency service providers.
Customers of Stripe would indeed be eligible vendors, freelancers, content providers, and others with cryptocurrency. The MATIC coin increased by more than 1% as a result of the news. The trading volume increased by more than 88%.
Stripe and Polygon do have the same environmental outlook. Polygon plans to eradicate its ecological footprint in the year and, in response to critiques about crypto businesses’ high energy consumption. Polygon announced on Twitter that doing so will achieve carbon neutrality in 2022. Stripe, on either hand, has launched a new program to encourage CO2 emission reduction technology this month.
Polygon also aims to spend $100 million on customising “supernet” nodes, that are cost-effective, specialized networks. It also intends to lower the entry hurdle for programmers who formerly employed Polygon Edge in an attempt to advance blockchain adoption.