Stripe Partners Polygon to Facilitate Twitter Stablecoin Payments
Stripe Inc., an online payments firm based in Ireland and the United States, has re-entered the cryptocurrency market. A new partnership with Twitter will allow content producers on the site, in particular, those who use the crypto-based stablecoin USDC, to get their compensation in crypto.
In a media release, Stripe Incorporation said, “Paying retailers, freelancers, producers of digital content and other service providers using bitcoin is now possible for consumers of the Stripe payment platform. Stripe also allows firms like Twitter to give authors the option of receiving bitcoin payments. USD Token (USDC), a stable coin tied to the US dollar, will serve as the initial payment method for all rewards.”
‘Ticketed Spaces‘ and ‘Super Follows,’ for example, are two of Twitter’s content monetization options. In this way, content providers may monetize their work. It is Stripe’s goal to provide them the option of withdrawing their money in USD Coins, rather than conventional fiat cash, as an extra choice.
Initial support for the Polygon (MATIC) Blockchain will allow Stripe to pay out USDC stablecoins to Polygon (MATIC) Blockchain wallets. The Polygon wallet allows content producers to keep their payments in USDC, or they may convert them to any of the other cryptocurrencies, if necessary.
Due to its reduced costs and compatibility with various cryptocurrency wallets, Stripe picked Polygon (MATIC) above its competitors. The media release reads “Payments in USDC to Polygon-compatible wallets will be supported through Stripe at first. Stripe plans to introduce other cryptocurrencies and Blockchain networks to its platform later in 2022. Platforms and their end users may now utilize the Stripe Dashboard to track and administer cryptocurrency payments.”
Fintech businesses like Stripe have moved into the Web 3.0 sector, like many others. As early as 2021, a special team was said to have been formed to look at Web 3.0 and cryptocurrency possibilities. On Twitter in March 2021, Stripe’s co-founder John Collison revealed that Stripe will now provide a variety of services such as KYC, identity verification, pay in and payouts, and fraud protection for crypto companies, exchanges, crypto wallets, and NFT markets.
Gaybrick, chief product officer at Stripe, said “Among the most effective ways we are pursuing our goal of increasing the Internet’s GDP is to make business more globalized. As crypto protocols are ubiquitous by default, this is a logical choice. Platforms employing Stripe’s crypto payments may instantly deliver money to authorized recipients almost anywhere in the globe.”