Mumbai, April 23
Fintech platform Stripe has introduced crypto payouts for Connect, a way for businesses to send payouts using cryptocurrencies, starting with Twitter.
With crypto payouts, a select group of creators on Twitter will be able to use cryptocurrency-based rails to receive their earnings, a blog post by Stripe said.
“Twitter already uses Connect to pay creators their earnings from its monetisation products, including Ticketed Spaces and Super Follows. With crypto payouts for Connect, Twitter will make it possible for creators to have their earnings paid out to a cryptocurrency wallet,” it added.
Stripe will manage all crypto-related complexities and operations. It will require no code changes.
“Twitter is where people go to have conversations about what’s happening. We’re focused on helping creators who drive 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, Twitter.
Stripe will initially support payouts in USDC, a stablecoin pegged to the US dollar.
Payouts will be done over the Polygon network.
“Once creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency. We plan to add support for additional rails and payout currencies over time,” it further explained.
“Creators and freelancers who opt to be paid in crypto will pass through Stripe’s normal onboarding flows,” it added.
It will carry out KYC, and the flow will dynamically adapt as cryptocurrency regulations evolve. Creators can manage their account details, track earnings in real time, and see upcoming payouts with the Stripe Express app.
“The Global Payments and Treasury Network (GPTN) is Stripe’s infrastructure and service architecture that enables global, programmable money movement. With the addition of crypto payouts, we are extending the GPTN beyond traditional rails,” it said.
By the end of the year, Stripe is planning to support crypto payouts in more than 120 countries.
Published on
April 23, 2022
