Stripe, the payment company, stated on the 22nd of April that it is increasing worldwide payouts using cryptocurrency through a new trial program. To celebrate the social networking platform’s status as Stripe’s first collaborator, the company’s executive in charge of crypto, Karan Sharma, unveiled cryptocurrency rewards for the company’s Connect program to a restricted number of Twitter accounts.
Twitter And Stripe Team Together To Test Cryptocurrency Payment Using USDC
On the 23rd of April, Stripe noted that it intends to explore the ability for companies to pay consumers in virtual currencies via the Stripe Connect service as part of a pilot program. Officially launching, a set number of chosen cryptocurrency customers will be compensated in USDC (USD coin) if they make money using Twitter features such as Ticketed Spaces and Super Follows. Twitter is the first company to partner with them, and cryptocurrency rewards will initially be limited to only USDC payments.
According to Sharma, with the introduction of cryptocurrency rewards for Connect, the social media giant will launch a feature where creators can have their earnings paid to a crypto wallet. As stated by the company, “Stripe will manage all cryptocurrency-related complexities and processes. No programming modifications are necessary, and platforms may avoid the hurdles of obtaining, holding, and transmitting cryptocurrency themselves.”
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Twitter And Stripe Are Not Crypto Strangers
Both companies are not new to the crypto industry, with the social media business introducing cryptocurrency tipping in September last year. While Stripe has said that the first cryptocurrency to be supported would be the USDC coin, the USDC transactions will be carried out through the Polygon system. Users can keep their crypto balance either on Polygon or transfer it to ETH and trade it for another virtual currency.
Stripe wants to expand its support for new rails and payment currencies in the future. The payment firm went on to say that the firm was excited about the prospect of sharing this new capability with additional partners. The firm has developed an integration guideline, and participants who are interested in participating in its beta test may request admission to be part of the program.
Finally, Sharma stated that;
“We’re thrilled about this new partnership and also about the prospect for digital currencies to assist in the solution of real-world issues, particularly outside of big marketplaces. In addition, Stripe intends to allow cryptocurrency payments in over 120 countries before the end of 2022.”
Stripe has joined the bandwagon of payment companies entering the crypto industry recently. At the beginning of April, Mastercard launched the Nexo card that will allow users to use their digital currency to pay for products and services.
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