Twitter is reportedly collaborating with Stripe, an online payment company, to enable merchants to accept cryptocurrency payments from their customers.
For the time being, Stripe will only accept payments in USD Coin (USDC), a stablecoin tethered to the US dollar. “Many people who would not otherwise be able to handle dollars will be able to do so,” adds Stripe. Because of its low fees, Ethereum interoperability, and extensive wallet compatibility, which includes MetaMask, Coinbase Wallet, and Rainbow, payouts are expected to take place on the Polygon network.
Stripe’s new payment option, which allows specific users to collect revenues in USDC, will be used by Twitter as the first merchant. Given that Twitter’s focus on creators has largely been on how to provide them with ways to monetize services that they have already provided to all users, the addition of crypto payments is an intriguing move that could indicate how the company is shifting its monetization strategies. Super Follows, ticketed Space Events, Tips, and other creator monetization options are currently available on Twitter.
Stripe’s latest step also demonstrates the company’s resurgence in cryptocurrency. In January 2018, Stripe stopped accepting Bitcoin payments, arguing that the token’s volatility and inefficiencies made it unsuitable for everyday transactions. However, in October 2021, the company stated that it would be re-entering the cryptocurrency sector and begun employing crypto professionals. USDC is appropriate for usage as a cryptocurrency with higher price stability than Bitcoin and other digital currencies because it is tied to the US dollar.
Stripe stated, “Once creators receive their earnings, they have the option of keeping their balance on Polygon or bridging to Ethereum and exchanging it for another currency,”. Stripe also intends to enable other cryptocurrencies besides USD Coin by the end of 2022, allowing crypto payments to be made in over 120 countries.
