On Friday, Twitter joined hands with Stripe to bring payouts in crypto currencies for Stripe Connect. Twitter is currently using Connect payouts to pay creators of Twitter’s Ticketed Spaces and Super Follows to make payments into their bank accounts and debit cards.
Cryptocurrency As An Additional Option
To move one step further, Twitter and Connect together will now provide additional option to facilitate the payments to the creators of Twitter to be paid out in cryptocurrency.
The users will be able to store their funds in their crypto wallets supported by Polygon blockchain. Stripe will take care of all the related functionalities without making any changes to the existing infrastructure. The crypto mode of payment will be USD Coin (USDC) which is a popular Stablecoin pegged to US dollar.
Creators and freelancers are continuously creating content all over the world, but getting paid in this nouveau field is still a difficult task. By roping in crypto payouts, Stripe and Twitter will become the pioneer in the industry to use cryptocurrency for payment of the earnings. Thus, this will add to the choices in which one wants to be paid.
As reported by Cointelegraph, Twitter will pay the earnings of selected group of creators in USD Coin. All crypto payments will be enabled through Polygon (MATIC) network. Polygon lives on Ethereum blockchain and provides layer-2 solution.
Polygon is also well known for its broad wallet compatibility with MetaMask, Coinbase Wallet, and more. Creators will be able to preserve their earnings on Polygon with a choice to bridge to Ethereum.
Stripe will also maintain a comprehensive KYC, to keep itself ready for the crypto regulations coming from all directions.
What Is Twitter’s Space And Super Follows
Twitter’s Space is basically an online platform provided by Twitter for its members to host an audio conversation event. The host of the event can monetize the Space by applying to Twitter to make their event on the Space as paid event by fixing Ticket for their most loyal fans to attend the event. Twitter then shares the payments with the creator/host of the space.
Similarly, Super Follows is like paid subscription to follow a person on Twitter. When any Twitter member offers a Super Follows subscription, the subscriber Super Followers can see Tweets created especially for them.
Future Plans
Now, by collaborating with Stripe to pay in Cryptocurrencies, content creators on Twitter will be able to track their earnings easily and receive them in their crypto wallets. Both the companies have huge expansion plans for the current year by spreading their feet in over 120 countries. Stripe also plans to collaborate with many other market leaders.
Now it will be interesting to see how Twitter which has strict policy with regard to promoting crypto currencies, adjusts to this new development. This news also hold significance in the wake of Elon Musk becoming largest share holder in Twitter company and he has investments in Cryptocurrencies like Dogecoin.
