Karan Sharma, Stripe's crypto executive, revealed the crypto payouts for its Connect service to a selected group of Twitter users. The social media platform is Stripe’s first partner.
Stripe and Twitter partner to test Crypto Payouts Feature using the Stablecoin USDC
Stripe announced Friday that it will allow users to pay businesses in digital currencies through a pilot program via Stripe's Connect service. Twitter is the company's first partner. Crypto payouts will initially start with USDC (usd coin) payments. A select number of crypto users will start receiving USDC payments starting today if they earn earnings through Twitter services such as Super Follows or Ticketed Spaces.
Sharma's blog entry explains that "With crypto payouts to Connect, Twitter will make a way for creators to have their earnings paid to a cryptocurrency wallet." Stripe will manage all crypto-related operations and complexity. Platforms can handle the crypto-related challenges of acquiring and storing it themselves.
Twitter and Stripe are both familiar with crypto assets. In September 2021, the social media company launched crypto tipping. Although Stripe claims that the initial crypto support will only be USDC, USDC transfers will be made via the Polygon network. Sharma stated that users can either keep their balance on Polygon or bridge to Ethereum to exchange it for another currency. "We will add support for additional payout currencies and rails over time."
Stripe stated that Stripe was excited to share the new feature with its partners. The integration guide has been published by Stripe. Interested parties can request access to the beta program. Sharma concludes his blog post by saying that "We are excited about this and about the potential of cryptocurrencies to solve real-world issues, especially outside major markets." "By the end, Stripe plans to support crypto payments in more than 120 countries by the end of this year."