Stripe Re-Entry: First to Allow Twitter Creators to Earn Income in USDC
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Odaily Translator | Nian Yin Si Tang
Summary:
Summary:
- Online payments company Stripe said it will begin allowing merchants to pay users in cryptocurrencies through the stablecoin USDC.
- Starting Friday, Twitter will allow a certain number of creators to earn their earnings from its paid features Ticketed Spaces and Super Follows.
- This is Stripe's first major foray into the cryptocurrency space since dropping support for bitcoin four years ago.
Starting with Twitter, Stripe will allow businesses to pay users in cryptocurrencies, the latest sign of growing interest in digital assets from major financial firms.
The online payments platform said Friday that it will begin offering merchants the ability to make crypto payments via the stablecoin USDC.
Twitter will be the first company to integrate this new payment method. Starting Friday, the social media platform — which recently became a hot topic over a potential takeover by Tesla CEO Elon Musk — will allow a certain number of creators to receive tokens in USDC from its Ticketed Spaces and Super Follows features. get their income.This is Stripe's first major foray into the cryptocurrency space since dropping support for bitcoin four years ago. The San Francisco-based start-upStop accepting bitcoin payments in January 2018
, citing the volatility of bitcoin’s price and its lack of efficiency in day-to-day transactions.But since then, with the "Web3" fire, the company has taken a renewed interest in the encryption space. "Web3" is a technology movement that calls for the creation of a decentralized version of the internet based on blockchain technology. Stripe Last Octoberformed a team, specializing in cryptocurrencies and Web3. Stripe said that it has paid attention to the needs of developers and users in the encryption field to accept payments, transfer funds, exchange between fiat currencies and cryptocurrencies, etc., and will build a faster and more trustworthy encryption experience. Last November, Stripe co-founder John Collisonhint
, the company may soon offer cryptocurrency support again.In March of this year, StripeAnnounced that it has returned to the encryption field
. John Collison wrote on social media that Stripe now supports encrypted businesses, exchanges, portals, wallets, and NFT markets, not just payments, but KYC and identity verification, fraud prevention, etc.
"While the 'store of value' aspect of cryptocurrencies typically gets the most attention, we believe the prospect of an 'open access global financial rail' is at least as compelling," Stripe said in a Friday blog post. exploring ways to unlock wider access using cryptocurrency-based platforms.”
The company's crypto payments feature will run on the Polygon network, an Ethereum Layer 2 scaling solution that enables transactions to be processed faster and at lower cost. Bitcoin, Ethereum, and other cryptocurrencies are notoriously often criticized for slow transaction times and high fees.
"We plan to gradually add support for additional rails and payment currencies," Stripe said.
Stripe isn’t the only company opening its platform to digital currencies — in fact, the company was arguably late to the party. Major payment companies such as Visa, Mastercard and PayPal have announced their own initiatives in this area early. At that time, the price of digital currency was ushering in a sharp rise.
