Online payments tripe on Friday said it'll start letting Twitter stars get paid in a bone- pegged form of cryptocurrency in the rearmost countersign of digital plutocrat.
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Stripe said in a blog post that it's eager to expand the option to other online platforms, where" generators"who attract cult are handed with ways to make plutocrat similar as subscriptions and access to exclusive content.
"We are concentrated on helping generators who drive those exchanges earn plutocrat and connect with their cult in new ways,"Twitter generators product lead Esther Crawford said in the post.
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"We are agitated to begin offering cryptocurrency payouts to generators via Stripe so they've further choice in how they get paid."
The point debuts as Twitter tries to forfend off an unwanted crusade by billionaire Elon Musk to buy the one-to-numerous messaging platform, and as backers of cryptocurrency strive to make it go mainstream.
Stripe will do the before-the- scenes work to enable a" select group"of popular Twitter numbers to get paid in USDC stablecoin pegged to the US bone, the companies said in the post.
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"With crypto payouts for Connect, Twitter will make it possible for generators who conclude in to have their earnings paid out to a cryptocurrency portmanteau,"the blog post explained.
"This will enable numerous people who wouldn't else be suitable to hold bones to do so."
The Stripe Connect payment system is used to shoot plutocrat in further than 70 countries, the company said.
The fiscal technology establishment said it plans to add further mates, countries and cryptocurrencies in the future.
For a time Stripe accepted deals in bitcoin but stopped in 2018, citing enterprises about timing and freights. It has lately changed course, publicizing hookups with crypto exchange platforms FTX andBlockchain.com.
Cryptocurrency is an limited digital currency, not a legal tender and subject to request pitfalls. The information handed in the .
NDTV shall not be responsible for any loss arising from any investment grounded on any perceived recommendation, cast or any other information contained in the composition.
American microblogging and social networking service company Twitter is reportedly teaming up with Stripe, an online payments company, to allow merchants to pay their customers in cryptocurrencies.
Stripe will only accept payments in USD Coin (USDC), a stablecoin pegged to the US dollar, for the time being. “This will enable many people who wouldn’t otherwise be able to hold dollars to do so,” says Stripe. Payouts are expected to take place on the Polygon network because of its low fees, Ethereum integration, and broad wallet compatibility that covers MetaMask, Coinbase Wallet, and Rainbow.
Twitter will be the first merchant to make use of Stripe's new payment option, allowing certain users to collect earnings in USDC. Given that Twitter's focus on creators has mostly been on how to give creators methods to monetise services that the social media firm already provides to all users, the addition of crypto payments is an interesting move that could indicate how the company is altering its monetisation strategies. Currently, some of the creator monetisation services on Twitter include Super Follows, ticketed Space Events, Tips, etc.
Stripe's latest move also highlights the company's renewed interest in cryptocurrencies. Stripe had discontinued accepting Bitcoin payments in January 2018, claiming that the token's volatility and inefficiency rendered it unsuitable for ordinary transactions. The company, however, announced in October 2021 that it would be re-entering the cryptocurrency sector and began hiring crypto talent. Because USDC is pegged to the US dollar, it is ideal for use as a cryptocurrency with greater price stability than Bitcoin and other digital currencies.
“Once creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency,” Stripe says. Stripe also plans to support other cryptocurrencies beyond USD Coin by the end of 2022, allowing crypto payments in more than 120 countries.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Tw
Crypto News
Elon Musk's Vision of Twitter 2.0 Includes Crypto Payments
An early leader in the creation of PayPal, the Twitter and Tesla CEO has consistently pushed a vision turning the social media platform into an 'everything app' that incorporates payments.
Table of Contents
- The Everything App
- Earlier Crypto Payment Forays
Elon Musk is moving ahead with plans to turn Twitter into a payments app that would eventually include cryptocurrency options.
While Musk wants to focus on fiat currencies like the U.S. dollar "first and foremost," crypto payments could come later, according to a Jan. 30 report in the Financial Times.
The report adds that Twitter is applying for regulatory licenses from the U.S. Treasury Department as well as state regulators throughout the country, and hopes to have them in place within a year.
As most things involving Elon Musk and cryptocurrency do, the article drove a quick spike in the price of Dogecoin, which rose from $0.086 to $0.091, although it fell back within two hours.
The Everything App
The introduction of payments into the social media app is something Musk talked about as far back as May, when he proposed making Twitter into a super app modeled on China's WeChat.
The Chinese social media giant "does everything — sort of like Twitter, plus PayPal, plus a whole bunch of things, and all rolled into one, with a great interface," he said on the All-In podcast. "If you're in China, you kind of live on WeChat."
He added that making Twitter a payments app requires a "high-trust" environment. Musk made his first fortune as part of the PayPal Mafia, building the online payments firm into a powerhouse.
Earlier Crypto Payment Forays
In Sept. 2021, Twitter's then-CEO Jack Dorsey partnered with bitcoin Lightning Network payments processor Strike to allow tipping via BTC.
Then in April 2022, Twitter partnered with payments processor Stripe to become its first client of Stripe Connect, enabling payments in USDC.
The goal, according to Stripe Crypto Product Manager Karan Sharma was to enable payments to "creators, freelancers, sellers and solopreneurs." Sharma said:
"While it's easier than ever before to find customers and fans, getting paid can still be difficult, especially outside of major markets."
The use of the dollar-pegged USDC stablecoins "will enable many people who wouldn't otherwise be able to hold dollars to do so," he added.