Fintech giant Stripe recently teamed up with Twitter to introduce crypto payments to the social network’s creator community. USD Coin (USDC), which is a stablecoin tied to the U.S. Dollar, will be the only crypto option available for now. Twitter had previously introduced monetization features like ‘Super Follow’, a paid ticket system for ‘Space Events’ and ‘Tips’. A selected number of creators on Twitter will be able to access the new system during its initial testing phase. Payments will take place on the Polygon network, which is tied to Ethereum.
Following the partnership, users will be able to integrate Stripe Connect into their websites and shops, and, once the funds have been received, will be able to choose whether to store the money on Polygon, or exchange it for another cryptocurrency.
A Contemporary Vision Prompted by Growing Crypto Needs
The Web3 hype of 2021 made Stripe change their outlook on cryptocurrencies in general, and the rising need for a decentralized, blockchain version of the internet prompted the company to form a Web3-dedicated team in order to provide crypto solutions for their customers. A number of major payment processors have already made crypto-related moves, such as PayPal, MasterCard, Visa, and more.
Despite dropping Bitcoin nearly 4 years ago, Stripe recently announced its intention to reintegrate Bitcoin, as well as to add a wider selection of cryptocurrencies by the end of 2022. In 2018, Stripe had expressed concerns about Bitcoin’s adaptability in everyday transactions and cited the lack of interest in crypto payments shown by their customers. However, the tables have now turned: “We’re focused on helping creators connect with their audiences in new ways,” said Esther Crawford, a representative of Stripe. The company plans to expand the feature and make it available in 120 countries by the end of the year.