Home / Companies / News /  Twitter to pay creators in cryptocurrency; Here's how it works

Twitter is going to pay its creators in cryptocurrency. The American microblogging and social networking service firm has joined hands with Stripe, a financial infrastructure platform, and marketplaces, to launch a pilot payout for creators.

In a statement, Stripe stated that now it can instantly pay funds to its sellers, freelancers, content creators, and service providers using cryptocurrency.

Stripe will initially release payouts using USD Coin (USDC), a stable coin pegged to the US dollar.

Through Stripe, companies like Twitter can offer creators the choice to receive payments in crypto.

Stripe highlighted that Twitter will use this feature to pay out earnings from Ticketed Spaces and Super Follows.

In the initial state, this option will be offered to a small group of Twitter’s 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.

Here's how it works as per Stripe!

With Stripe Connect, businesses can programmatically payout to people in more than 70 countries—in their local currency.

In addition to crypto payouts, platforms using Connect can participate in the Web3 economy without having to acquire and store crypto themselves.

They can quickly payout to their users in even more countries, and improve their services for those who prefer crypto over traditional fiat payment methods.

Stripe will initially support payouts in USDC to wallets compatible with the Polygon network.

Later this year, Stripe will roll out support for additional cryptocurrencies and blockchain networks. Platforms and their end users can easily monitor and manage payouts—including crypto—in the Stripe Dashboard.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout