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{"id":16869,"date":"2023-01-20T22:53:20","date_gmt":"2023-01-20T22:53:20","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/stripe-launches-crypto-support-in-connect-starting-with-payouts-for-creators-on-twitter\/"},"modified":"2023-01-20T22:53:21","modified_gmt":"2023-01-20T22:53:21","slug":"stripe-launches-crypto-support-in-connect-starting-with-payouts-for-creators-on-twitter","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/stripe-launches-crypto-support-in-connect-starting-with-payouts-for-creators-on-twitter\/","title":{"rendered":"Stripe launches crypto support in Connect, starting with payouts for creators on Twitter"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/04\/22\/stripe-launches-crypto-support-in-connect-starting-with-payouts-for-creators-on-twitter\/<\/a><\/br>
\nStripe launches crypto support in Connect, starting with payouts for creators on Twitter<\/br>
\n2023-01-20 22:53:20<\/br><\/p>\n

\n

Back in October 2021, Stripe announced<\/a> that it would be re-entering the cryptocurrency market \u2014 ending a four-year hiatus with hype around crypto definitely not abating. Today, some six months later, it\u2019s rolling out a new service \u2014 initially with one partner, Twitter \u2014 to get some activity going on its network. The payments giant is adding crypto payouts to Connect, its programmatic (API-based) payouts platform; and Twitter will be the first platform to let people get payouts in crypto using it.<\/p>\n

For some background\u2026 Twitter already uses Connect to power various monetization services aimed at creators that it\u2019s already offering or testing out in limited release, which include<\/a> things like Tips, Super Follows and ticketed Spaces events. Connect is available in local currencies already in 70 countries. Twitter\u2019s monetizing service is not, but this gives it the potential to expand at some point.<\/p>\n

Added to this, Stripe last month<\/a> released a series of APIs and other tools for developers to start integrating Stripe\u2019s crypto features. Support to use fiat currencies to buy more than varieties of 135 crypto tokens (not a fragmented market at all!), cash-out facilities, NFT trading and compliance features like Know Your Customer (KYC) were among the functions that were rolled out across some 180 countries.<\/p>\n

For the Twitter rollout, it will be first to support payouts in USDC, a stablecoin pegged to the U.S. dollar. \u201cThis will enable many people who wouldn\u2019t otherwise be able to hold dollars to do so,\u201d notes Stripe. Payouts will take place over the Polygon network, it said, partly chosen because of low fees, Ethereum integration and \u201cbroad wallet compatibility\u201d covering MetaMask, Coinbase Wallet and Rainbow. \u201cOnce creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency,\u201d Stripe noted. \u201cWe plan to add support for additional rails and payout currencies over time.\u201d<\/p>\n

Twitter\u2019s focus on creators up to now has largely been focused on how to give creators ways of monetizing services that Twitter\u2019s already offering widely to all users, so adding in crypto is an interesting twist that could point to how that strategy is shifting.<\/p>\n

While adding crypto to the payouts options is an obvious move to entice more creators (and would-be customers) who are already dabbling or doing more with cryptocurrencies, it also opens the door to using them in connection with creators working with more crypto-native content, specifically NFTs.<\/p>\n

As Lucas astutely pointed out just yesterday<\/a>, Twitter has already become the de facto<\/em> platform for conversation around crypto and NFTs. It is where people find out and chatter and hype up their projects and the projects they are investing in. Some even think that connection is partly why Elon Musk \u2014 the entrepreneur, sometimes gadabout gadfly who has turned his trollish attention and viral spotlight on cryptocurrency many a time on the social network \u2014 has suddenly become so interested in buying Twitter.<\/p>\n

NFTs, to be clear, are not something that Twitter is already supporting in its selection of creator tools, but should it decide to make a move here, it now has the infrastructure to do more than just enable chatter around them: it could help with trades. This would potentially put it up significantly closer to companies like Meta, which is reportedly<\/a> working on an NFT trading platform itself. How that rolls out will be closely watched for another reason: Meta is drawing some controversy around how it is developing transactions around virtual goods<\/a> in other parts of its business.<\/p>\n

Meta\u2019s building in-house, but Twitter, now untethered from its co-founder and crypto cheerleader Jack Dorsey, is taking the outsourced route here. Stripe says that it will be handling \u201call crypto-related complexity and operations\u201d in the Twitter partnership and in how developers implement it. \u201cNo code changes are required, and platforms can avoid taking on the challenges of acquiring, storing, or transferring crypto themselves,\u201d it notes in an announcement.<\/p>\n

Swimming in its lane is definitely par for Twitter right now, under the gun with an unsolicited bid from Musk to buy the company. \u201cTwitter is where people go to have conversations about what\u2019s happening. We\u2019re focused on helping creators who drive those conversations earn money and connect with their audiences in new ways. We\u2019re excited to begin offering crypto payouts to creators via Stripe so they have more choice in how they get paid,\u201d said Esther Crawford, Twitter\u2019s product lead for creators, in a statement.<\/p>\n

Longer term, the plan for Stripe is to support crypto payouts in over 120 countries, it said.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2022\/04\/22\/stripe-launches-crypto-support-in-connect-starting-with-payouts-for-creators-on-twitter\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/04\/22\/stripe-launches-crypto-support-in-connect-starting-with-payouts-for-creators-on-twitter\/ Stripe launches crypto support in Connect, starting with payouts for creators on Twitter 2023-01-20 22:53:20 Back in October 2021, Stripe announced that it would be re-entering the cryptocurrency market \u2014 ending a four-year hiatus with hype around crypto definitely not abating. Today, some six months later, it\u2019s rolling out a new service \u2014 initially […]<\/p>\n","protected":false},"author":1,"featured_media":16870,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-16869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nStripe launches crypto support in Connect, starting with payouts for creators on Twitter - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/01\/20\/stripe-launches-crypto-support-in-connect-starting-with-payouts-for-creators-on-twitter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stripe launches crypto support in Connect, starting with payouts for creators on Twitter - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2022\/04\/22\/stripe-launches-crypto-support-in-connect-starting-with-payouts-for-creators-on-twitter\/ Stripe launches crypto support in Connect, starting with payouts for creators on Twitter 2023-01-20 22:53:20 Back in October 2021, Stripe announced that it would be re-entering the cryptocurrency market \u2014 ending a four-year hiatus with hype around crypto definitely not abating. 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