Twitter creators will be paid in cryptocurrency. Microblogging and social networking service firm Twitter has teamed up with Stripe, a financial infrastructure platform, and marketplaces to launch a pilot payout program for creators.
Stripe announced that now it can send cryptocurrency payments instantly to its sellers, freelancers, content creators, and service providers.
USD Coin (USDC), a stable coin pegged to the US dollar, will be used for Stripe’s first payouts.
According to Stripe, Twitter will utilize this feature to pay out earnings from Ticketed Spaces and Super Follows.
Twitter will initially offer this option to a small group of its US creators.
Esther Crawford, product lead for creators at Twitter said, “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.”
“With crypto payouts, platforms using Stripe can send money to verified recipients nearly anywhere in the world, instantaneously,“ said Will Gaybrick, chief product officer at Stripe.
Stripe Connect allows businesses to automate payments to people in more than 70 countries in their local currency.
Furthermore, platforms that use Connect will be able to participate in the Web3 economy without having to acquire and store crypto themselves.
It allows them to quickly pay their users in even more countries, and they can improve their services for those who prefer crypto over traditional fiat payments.
PayPal will initially support payouts in USDC to Polygon-compatible wallets.
Stripe will add support for additional cryptocurrencies and blockchain networks later this year. Stripe Dashboard allows platforms and their end users to easily monitor and manage payouts, including crypto.
Twitter is undergoing a takeover attempt by Tesla head Elon Musk, who has used the platform to promote bitcoin and “meme coins” like dogecoin.