On April 22, Payments startup Stripe announced crypto payouts with USDC, over the Polygon network, enabling a select group of creators on Twitter to receive crypto payments via the Stripe Connect platform. As stated in the blog, Twitter already pays creators using Connect from the platform’s monetization products, including Ticketed Spaces and Super Follows.
With the addition of crypto payouts, the social media platform will provide an option for creators to have their earnings paid out to a cryptocurrency wallet. Stripe said it will handle all crypto-related complexity and operations. Creators on Twitter will be able to receive payments initially in the stablecoin USD Coin.
The payment processor claimed it chose the Polygon network for its low fees, speed, integration with Ethereum, and broad wallet compatibility [including MetaMask, Coinbase Wallet, and Rainbow].
“Creators and freelancers who opt to be paid in crypto will pass through Stripe’s normal onboarding flows. It will perform comprehensive KYC, and the flow will dynamically adapt as cryptocurrency regulations evolve. Creators can easily manage their account details, track earnings in real-time, and see upcoming payouts with the Stripe Express app.”
Once creators get their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it for another currency, the blog read.
Recently Polygon unveiled the Green Manifesto, pledging $20 million to mitigate the ecosystem’s carbon footprint as the crypto industry continues to face criticism over energy usage. Stripe too set up a new fund this month to ramp up carbon dioxide removal technologies.
Stripe’s big bet for crypto adoption
The move reflects the firm’s renewed interest in crypto. The fintech giant began recruiting crypto talent last year and raised $600 million in a fundraising round at a $95 billion valuation. The firm processed $640 billion in payments in 2021, a 60% increase from a year earlier.
In March, it teamed up with digital-asset exchanges FTX and Blockchain.com with online payments and customer verification.
Having said that, Stripe plans to add support for other cryptocurrencies beyond USD Coin and provide access to crypto payments in more than 120 countries by the end of 2022, signaling its intention to expand the adoption of digital assets.