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Stripe Announces Crypto Payout on Twitter via the Polygon Network

Stripe, a select group on Twitter, offers a pilot program that allows sending and receiving payments in USDC.


San Francisco-based fintech giant Stripe has partnered with Twitter to announce its latest developments in cryptocurrency.Under the new pilot program, Stripe will allow a small group of creators to send and receive payments in USDC through the payment platform Connect. content creators will be able to directly manage their accounts with the Stripe Express app.

Stripe’s Crypto Payment Push

Stripe’s Crypto Payment Push announced in a blog post that it will be the first company to integrate Twitter’s new payment method into its monetization products. The social media platform will instantly identify creators earnings from Ticketed Spaces and Super Follows to cryptocurrency wallets.”All crypto-related complexity and operations” will be in Stripe’s handstherefore, Twitter will not be responsible for storing and acquiring cryptocurrencies

The fintech firm prefers the Polygon network for all its on-chain transactions because of its strength in “low gas fees, high speed, wide wallet compatibility and integration with Ethereum“. Creators who receive funding through the program can thus link their holdings to Ethereum and quickly exchange them for other cryptocurrencies.

The company only supports crypto payments in USDC, but promises that more chains, payments and cryptocurrencies will be added to the platform in the future. The firm sees the price stability of USDC as an advantage over other cryptocurrencies that are subject to high volatility.

As shown on the blog, Stripe is doubling its exposure in the crypto space. The firm announced that they plan to support crypto payments in over 120 countries by the end of the year. However, before the popularity of digital assets soared, Block collaborated with numerous crypto companies and exchanges, with its main competitors such as PayPal and Visa By comparison, Stripe is pretty late.

bitcoin
Polygon network

Stripe Re-enters the Crypto Space

Last year, Stripe CEO John Collison hinted that his company might reactivate its cryptocurrency services shortly after it terminated Bitcoin services in 2018 due to concerns about price volatility and transaction inefficiencies.

Stripe was valued at $95 billion after raising $600 million in donations last year. By 2021, the unicorn has made $640 billion in payments, up 60% from the previous year.

Realted: Index Coop launches new leverage index on Polygon using Pulse.inc’s FLI methodology

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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