Online payments company Stripe is partnering with Twitter to test a new payment method. Payments will first be made available to a small group of Twitter developers. Stripe says it will only accept 2 altcoin projects for now.
Stripe chooses this altcoin project for Twitter payments
The announcement coincides with an increase in the use and integration of cryptocurrencies by large businesses outside of the Web3. Stripe started supporting crypto businesses earlier this year. The company is known to be exploring ways to use crypto-based platforms to gain wider reach. With the latest partnership, Twitter users can now use the Stripe platform for payments. Funds raised from monetization products like Super Follow and Ticketed Space are already paid out to creators through Connect.
According to the announcement of Stripe, which we have quoted as Cryptokoin.com, the authors are now will be able to choose to receive payments to a Bitcoin wallet. All crypto-related transactions can be handled by the payment platform. The stablecoin USDC will be used to pay as many users want to hold dollars. Official announcement:
Stripe will initially support USDC payments. Payments will occur through the Polygon network, which we have chosen for its low fees, speed, integration with Ethereum, and broad wallet compatibility (including MetaMask, Coinbase Wallet, and Rainbow). After developers receive their earnings, they can either keep their balance in Polygon or choose to bridge Ethereum and exchange it for another currency. We plan to add support for additional rails and payment currencies over time.
Stripe chooses Polygon network to facilitate payments
Polygon network is preferred for payments. According to the blog, Polygon was chosen for several reasons, including cheap costs, interoperability with Ethereum (ETH), and broad compatibility. Cash received can be held in Polygon or bridged to ETH for conversion to another currency. Stripe says it wants to support other altcoin projects over time.
Twitter’s Artists Product Lead, Esther Crawford, said the network seeks to help creators create dialogues and impressions. Collaboration with Stripe will give authors the option to receive compensation in cryptocurrency as well.
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