Stripe Connect is launching crypto payment capabilities to help creators, freelancers, sellers and solopreneurs get paid faster no matter where their fans are located.
More than 70 countries are supported by Stripe Connect, providing easy and secure payouts in local currencies. Some regions, however, remain out of reach because their local payment systems are complex, preventing them from participating in the digital economy.
In the beginning, Stripe will offer payouts in USDC, a cryptocurrency pegged to the US dollar. It will make it possible for many people who couldn’t previously hold dollars to do so. Polygon is the network of choice because of its low fees, speed, integration with Ethereum, and broad wallet compatibility (including MetaMask, Coinbase Wallet, and Rainbow),” according to a press release emailed to PYMNTS on Friday (April 22).
Having explored how crypto-based platforms can be used to unlock broader access – and beyond the concept of cryptocurrencies as a store of value – Stripe came to the conclusion that the prospect of “open-access global financial rails” is equally appealing.
During the pilot program, Twitter will use Connect to pay creators through its Ticketed Spaces and Super Follows products. Twitter is Stripe Connect’s first partner, and a select group of creators on Twitter will be able to receive their earnings through cryptocurrency-based rails.
Stripe will handle all cryptocurrency functions, allowing Twitter to fulfill crypto payouts to creators who opt in. No code is necessary, and neither Twitter nor creators will need to worry about acquiring, storing, or transferring crypto.
We planned to offer crypto payouts via Stripe so that creators have more options when it comes to getting paid. Twitter’s Product Lead for Creators, Esther Crawford, said, “We’re looking forward to offering crypto payouts via Stripe so that creators have more options when it comes to getting paid.”
When creators receive their earnings, they can hold them on Polygon or bridge their balance to Ethereum to exchange it for another currency.
According to the release, “We intend to add support for additional rails and payout currencies in the future.”.
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