Stripe, the global payments platform, is partnering with Twitter to enable payments with cryptocurrency.
In a blog post on Friday, Stripe said they are introducing crypto payouts for Connect. Stripe Connect is a set of programmable APIs and tools that allow a user to build a payments process while having Stripe handle payments KYC [know your customer] – an important requirement especially for global operations.
With crypto payouts, Stripe is allowing some trial creators on Twitter to be paid via crypto rails.
Creators who choose to have their earnings paid out to a cryptocurrency will entrust the process to Stripe – no code changes are required. Initially, payouts will be made in USDC, the dollar-based stablecoin by Circle.
Stripe explains that by using USDC people who may not be able to hold dollars will be able to do so.
Payouts will take place over the Polygon network with “broad wallet compatibility,” including MetaMask, Coinbase Wallet, and Rainbow.
After a user is paid in crypto they can hold it on Polygon, or choose to bridge to Ethereum and exchange it into another currency. More cryptocurrencies are expected to be added in the future.
Stripe’s Global Payments and Treasury Network (GPTN) is a service architecture that enables global, programmable money movement which is now being extended beyond traditional rails.
“We’re excited about what this represents and about the potential for cryptocurrencies to help solve real-world problems, especially outside of major markets. By the end of the year, we plan to support crypto payouts in more than 120 countries,” stated Stripe.