April 25, 2022

Stripe to let businesses pay users in cryptocurrencies

Online payments firm Stripe has announced that it will enable businesses to send cryptocurrency payouts to users.

The move will allow platforms and marketplaces on Stripe to make payments to their sellers, content creators, freelancers and service providers using cryptocurrency.

Initially, the service will support payments in USD Coin (USDC), a stablecoin pegged to the US dollar, to wallets compatible with the Polygon network.

Twitter is the first company to become onboard and integrate the new payment process. The social media giant will allow users to receive payments earned from Ticketed Spaces and Super Follows.

At first, selected US creators will be able to use the service.

Twitter product lead for creators Esther Crawford said: “Twitter is where people go to have conversations about what’s happening. We’re focused on helping creators who are driving those conversations earn money and connect with their audiences in new ways.

“We’re excited to begin offering crypto payouts to creators via Stripe so they have more choice in how they get paid.”

Stripe chief product officer Will Gaybrick said: “Making commerce more global is one of the most powerful ways we’re going after our mission to increase the GDP of the internet. Because crypto protocols are global by default, they’re a natural vector for doing this.

“With crypto payouts, platforms using Stripe can send money to verified recipients nearly anywhere in the world, instantaneously.”

The move comes after Stripe resumed support for cryptocurrencies. A month ago, cryptocurrency exchange FTX partnered with Stripe to facilitate onboarding and identity verification.

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