Stripe Provides Crypto Payout Option For Creators On Twitter
Stripe Connect partnered with Twitter as its first business partner to allow some content creators on the social media platform to use crypto-based rails to get their earnings from Twitter.
News of the partnership comes amid questions about Twitter’s future, with Tesla CEO Elon Musk bidding to take the company private. While Twitter is the first business to partner with Stripe on its crypto payouts effort, others could follow if Stripe’s pilot run with the social media company is successful.
“With crypto payouts for Connect, Twitter will make it possible for creators who opt in to have their earnings paid out to a cryptocurrency wallet,” Stripe said in the announcement. “Stripe will handle all crypto-related complexity and operations. No code changes are required, and platforms can avoid taking on the challenges of acquiring, storing, or transferring crypto themselves.”
— Stripe (@stripe) April 22, 2022
To start, Stripe will support payouts in USDC, a stablecoin backed by the U.S. Dollar, and payments will happen over the Polygon network. Eventually, Stripe will expand to support other rails and currencies.
Stripe is the fifth largest unicorn startup in the world with a valuation of $95 billion. It’s also the second most valued unicorn in the United States, only behind SpaceX, which is worth $100 billion.