Top US-based fintech firm, Stripe, has launched a crypto payout feature for its Stripe connect product. However, it also revealed that the crypto payout feature would also be enabled for Twitter users. Stripe became famous for its innovative payment processing technology that allowed eCom sites and mobile apps to receive payments easily.
Feature Currently Available To Select Twitter Users
Part of the announcement states that the new feature will be available to selected Twitter users who would be able to receive payments in USDC stablecoin. The announcement also revealed that payouts in other cryptos would be enabled later. The USDC is the second-largest stablecoin, and it is currently valued at nearly $55B.
Stripe also revealed that the crypto payments would be processed via Polygon because of the network’s quick transaction speed and almost zero transaction fees. The FinTech firm also revealed that it partnered with Polygon because of the latter’s innovative ZK-rollups technology and because it is a layer-2 Ethereum scaling solution.
The Stripe Connect feature became necessary following complaints from creators and freelancers over their inability to receive payments easily from their clients. Part of the official statement reads, “many of our users still struggle to get paid for their services from their international clients even after spending huge amounts of time and effort to find such clients. Hence, our Stripe Connect feature is our solution to this problem.”
Twitter is the first platform to test this feature, with the company paying its content creators in crypto. These creators are those who have monetized their channels through the platform’s monetization methods like Super Follows and Ticketed Spaces. However, these content creators need to realize that Stripe would pass them through a detailed KYC check before they can be onboarded to the platform. Once they complete the onboarding process, they have full control of their accounts, where they can monitor their earnings and potential earnings.
Rolling Out The Feature On A Massive Scale
Part of the official announcement further revealed that the social platform and FinTech firm would enable users from nearly 140 nations to access this feature before this year-end. While speaking on the partnership, a Twitter spokesperson (Esther Crawford) stated that “many people flock to our platform for updated news worldwide. Hence, we want to reward the pillars of such conversations with financial compensations and link up with these audiences in our way.”
She added that “we are happy with this partnership with Stripe because our creators now have options with which they can receive their earnings.” Asides from payouts being processed through Polygon’s layer 2 scaling solution, the crypto wallet from the Stripe-Polygon partnership is also compatible with other global crypto wallets such as Rainbow, Coinbase, and Metamask crypto wallets. Hence, these creators can also receive earnings from other platforms outside of Twitter.
The Hot Debate About Twitter
Twitter has been a subject of hot debate for various reasons in the last couple of weeks. Most of the debate centered around the takeover of the platform by the world’s richest man, Elon Musk.
Musk said that he wants to own Twitter completely and even made an offer to that effect. However, the board subtly rejected his offer. Musk’s reason for wanting to own Twitter completely is to enable complete freedom of speech which he alleged isn’t currently adequate on the platform. Also, he revealed that Twitter users who pay for the platform’s 30-day subscription service would be allowed to pay via Dogecoin.
