Stripe, an online payment processing platform, is set to pilot cryptocurrency payouts for select users of Twitter’s content monetization products. The companies made the announcement on Friday, according to Reuters.
Ticketed Spaces users and Super Follows users will be able to receive their earnings from Twitter in USD coin (USDC). A year ago, Twitter introduced monetization features in an effort to become more of a part of the 'creator economy' and increase revenue.
In addition to holding their earnings in crypto wallets on the Polygon network, a crypto infrastructure firm on the Ethereum blockchain, users of crypto payments can exchange them for other currencies.
According to Stripe, crypto payments will be routed through Stripe Connect, which will also handle know-your-customer requirements.
Stripe is now supporting crypto payments to online businesses, again. Stripe supports cryptocurrencies such as Bitcoin, Ethereum, Solana and USD Coin.
After ditching bitcoin in 2018, Stripe announced a new partnership with FTX, FTX US, Nifty Gateway, Just Mining and Blockchain.com. John Collison, the Co-Founder and President of Stripe made the announcement on Twitter.
Recent Appointments
Stripe recently confirmed that James Phillips joined the company as President of Financial Services. Phillips, who previously founded startups like Couchbase, aims to facilitate Stripe's expansion.
Previously employed at Microsoft for over a decade, the newly appointed President of Financial Services joins the company. Phillips headed the Microsoft Digital Transformation Platform Group. In recent years, Stripe has grown rapidly. In 2020, the fintech company announced the appointment of Dhivya Suryadevara, the former CFO of General Motors. Stripe is one of the most valuable financial startups in the world. In March last year, the company raised $600 million in a funding round and received a valuation of $95 billion.
The recent appointment of Phillips came on the back of Stripe’s strong efforts for its portfolio expansion. Stripe has launched Capital, Treasury, Billing and Issuing in the past few years, among other products.
