Twitter and Stripe announced the launch of crypto payouts for Stripe Connect on Friday. According to the two firms, a select set of Twitter producers will soon be able to get their revenues in the form of the USD Coin (USDC) stablecoin on the network.
Payments will be made on the Polygon (MATIC) network, a layer-2 blockchain noted for its low costs, quick transaction speeds, revolutionary zero-knowledge technology, and Ethereum integration (ETH).
As a centralized platform, content authors and freelancers would have to go through Stripe’s Know Your Customer onboarding process. They may then manage their account information, as well as track real-time earnings and upcoming distributions into their cryptocurrency wallets.
Twitter and Stripe intend to expand the initiative to over 120 countries by the end of the year. Esther Crawford, Twitter’s product lead for artists, had this to say about the development:
“We’re delighted to start enabling cryptocurrency rewards to creators through Stripe, giving them more options for how they get paid.”
At the time of writing, billionaire entrepreneur and Tesla CEO Elon Musk is pursuing a hostile acquisition of Twitter. Musk has stated that if his bid for the firm is successful, his top pledges will be to reduce the number of cryptocurrency scam tweets on the site and maybe add a Dogecoin (DOGE) payment option for the company’s Twitter Blue monthly membership service.