Stripe announced the launch of a crypto payout option for Twitter creators via its app on April 22.
The company said the option will only be available to a select few creators and only support payments in the USDC stablecoin for now. Stripe will roll out the service to a broader audience in the coming weeks.
Stripe posted a short video demonstrating the functionality and how creators can use Connect to get paid in crypto.
Introducing crypto payouts: https://t.co/xJnpLmsBKn. pic.twitter.com/PJQ2oTaU7J
— Stripe (@stripe) April 22, 2022
Crypto payouts
Stripe said its service runs on the Polygon network and is compatible with various wallets, including MetaMask, Coinbase Wallet, and Rainbow.
Creators who have access to the new functionality can use Stripe Connect to get their earnings in any of the supported crypto wallets. Creators then have two options, the company said:
“Once creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency.”
The company added that creators who want to use the crypto payout service must go through its KYC verification.
Future plans
Stripe said it is aiming to offer the new crypto payout service in 120 countries by the end of 2022.
Stripe said it plans to expand its compatibility with other chains and networks over time to offer users the option to get paid in other popular cryptocurrencies and stablecoins.
The company’s new service is part of its plan to expand the global payment options it can offer users beyond traditional financial systems.
Stripe said:
“With the addition of crypto payouts, we are extending the Global Payments and Treasury Network beyond traditional rails. We’re excited about what this represents and about the potential for cryptocurrencies to help solve real-world problems, especially outside of major markets.”
Stripe intends to announce more partnerships with various platforms in the coming weeks to enable crypto payouts for more people around the world.
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