Payments processor Stripe Inc. is coming back to cryptocurrencies with a bang! The payments company has teamed up with Twitter to launch a crypto payments pilot on the social media platform.
Stripe Comes Back to Crypto Industry
The pilot will see selected Twitter creators to get paid in USD stablecoin via the Stripe Connect platform. The creators are involved in Twitter’s content monetization products, the Ticketed Spaces, and Super Follows programs. Twitter integrated the monetization features in 2021. The goal was to expand into the creator economy and increase revenue.
Users can hold their crypto tips in wallets on the Polygon network. Through the Ethereum-based crypto infrastructure firm, users can then exchange the crypto for other currencies. Stripe’s financial services showed that Polygon was the best option because of its speed and low transaction fees.
Stripe’s partnership with Twitter is part of the payment processor’s expansion of its Connect Service. Businesses that partner with the startup will be able to connect to its API, which includes its KYC onboarding. Stripe’s crypto payments service can connect various payment methods and currencies and is available in over 70 countries.
Value of Crypto in Geographical Expansion
Since last year, Stripe has slowly gotten back into the crypto industry. It suspended its support of Bitcoin payments in 2018. However, last year, the payments company began hiring crypto talent. In March this year, Stripe announced that it was offering its services to digital-asset exchanges FTX and Blockchain.com, helping them with online payments and customer verifications.
As Stripe continues to expand its geographical reach, it acknowledges that this would be easier if it incorporated cryptocurrencies. In a prepared statement, Stripe mentioned that while the ‘store of value’ aspects of crypto is popular, its ‘open-access global financial rails’ are also compelling for Stripe. Consequently, the startup is using crypto-based platforms to unlock broader access.
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