Twitter and Stripe are experimenting with cryptocurrency payments for creators.
Online payment Company Stripe Inc., is stepping up its return to cryptocurrencies.
Twitter Inc and Stripe Inc, a digital payments processor, announced on Friday that they will test cryptocurrency payouts for a limited number of users of the social media site’s content monetization offerings.
How Stripe inc will do it?
Users who are eligible for Twitter’s Ticketed Spaces and Super Follow program will be able to receive their earnings in USD coin (USDC), a stable coin with a value fixed to one US dollar.
Last year, Twitter implemented the Monetization tool in an effort to better interact with the “Creator” economy and increase revenue.
Users that receive crypto payments can keep their earnings in crypto wallets on the polygon network, an Ethereum blockchain-based crypto infrastructure provider, and subsequently trade them for other currencies.
According to Stripe, the bitcoin payment will be channeled through Stripe Connect, which will also handle the KYC requirements.
Stripe plans to extend support for other cryptocurrencies in the future, according to the business.
Tesla CEO Elon Musk, a significant figure in the cryptocurrency sector who has used Twitter to promote Bitcoin and Meme Coins, is attempting to take over Twitter.