Stripe Inc., an online payments company, is re-entering the crypto arena through its integration with Twitter to offer creators crypto payments.
The new integration, including the Connect Stripe Platform, will be the first in a new rollout that will enable creators to receive payments in USD Coin, a Circle-issued stablecoin pegged to the US dollar. The Connect Platform can be accessed via a developer application programming interface (API). The company, valued at $95 billion after its latest Series H funding round on March 14, 2021, is making its re-entry into the cryptocurrency space after abandoning its Bitcoin ambitions in 2018, offering Twitter creators a opportunity to receive income from ticketed Slots and Super Follows.
Stripe’s history with crypto
In January 2018, Stripe cited bitcoin’s volatility and inefficiency in conducting day-to-day transactions as the main reasons for delisting the cryptocurrency. By ditching Bitcoin, it paved the way for Block Inc., PayPal Holdings Inc. and Checkout.com to hijack the payments space. After forming a team dedicated to Web3 and crypto, he is ready to take the plunge again. “While the ‘store of value aspects of cryptocurrencies typically get the most attention, we see the prospect of ‘global open access financial binaries’ as at least as compelling,” said Karan Sharma, Stripe’s cryptocurrency product manager. Friday. “As a result, we’ve been exploring ways to use cryptocurrency-based platforms to unlock broader access.”
Polygon’s layer 2 solution, built on Ethereum, will process payments at a faster speed and lower cost than Ethereum’s main network. If you are a creator on the shortlist, you can use MetaMask, Coinbase Wallet and Rainbow to receive payments. “Once creators receive their earnings, they can keep their balance on Polygon or choose to connect to Ethereum and exchange it for another currency,” the company said. Over time, the company plans to add more cryptocurrencies, Sharma said.
Ribbon to handle the complexity of cryptos
Twitter uses Stripe’s Connect platform to enable creators to be compensated in a variety of ways; Twitter Tips, Super Follows, and Ticketed Spaces are all products that leverage the monetization potential of using Connect. Twitter is offloading all crypto-related mechanics in the payment process to Stripe. “No code changes are required and platforms can avoid the challenges of buying, storing or transferring crypto themselves,” the social media company said in a statement.
Twitter last year integrated the Strike API into its Tipping feature, enabling bitcoin payments on the Lightning Network. However, the feature had a very limited appearance. In contrast, Twitter’s Stripe API will be rolled out to more than 120 countries by the end of this year, and it’s the first time Twitter will integrate with Polygon’s environment-aware blockchain and USD currency.
Connect is already available in 70 local fiat currencies.
What do you think about this topic? Write us and tell us!
Disclaimer
All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at his own risk.
