Cryptocurrency payments on Twitter are starting to gain momentum. Last year, the social network added payments in bitcoins, and now it introduces a new opportunity for its users – the use of payments in dollar stablecoins USDC.
The world leaders are uniting again. This time there was a merger of interests of one of the leading social networks Twitter with the company of infrastructure payments on the Internet. Stripes. The latter are introducing cryptocurrency payments on Twitter for convenience and increasing the possibilities in settlements between customers and clients.
The team’s idea was to unite customers and contractors and simplify payments between them. Since people from different countries participate in payment relationships, not everyone has the opportunity to use popular payment systems. Cryptocurrency can provide such opportunities. Essentially, Stripe Connect features are designed to solve this problem. Already, various companies use Connect to transfer money to more than 70 countries in their local currency. However, this fact does not cover the needs of all without exception. Therefore, the use of cryptocurrency transfers will solve this problem.
Today, April 22, 2022, the Stripe team presented this offer on their Twitter:
Introducing crypto payouts: https://t.co/xJnpLmsBKn. pic.twitter.com/PJQ2oTaU7J
— Stripe (@stripe) April 22, 2022
With cryptocurrency transfers, a select test group of Twitter page owners will be able to use cryptocurrency gateways to generate their Twitter revenue. The social network is already using Connect to transfer to page owners their profits from Twitter monetization products, including Ticketed Spaces and Super Follows. Now, Connect Twitter will allow page owners to receive their cryptocurrency earnings to their cryptocurrency wallet.
How will it work
At the moment, the Polygon network is used for making payments. Transfers are made in the stablecoin USD Coin (USDC). The Polygon blockchain was chosen for its speed, low fees, integration with Ethereum, and interoperability with the most popular wallets (MetaMask, Coinbase Wallet and Rainbow). As soon as the recipient accepts the transfer in the Polygon network, he can either leave his balance in the same network, or transfer to the Ethereum network through the bridge, or exchange USDC for another currency. Payment participants who choose to pay in crypto must complete KYC (Identity Verification). This direction of transfers will adapt as international legislation and rules for the circulation of cryptocurrency develop.
On their Twitter accounts, owners will be able to track all cryptocurrency transfers using the Stripe Express app.
Collaboration with Stripe for Twitter opens up new possibilities. Since just last year they provided their users with rewards in bitcoins.
Cryptocurrency payments on Twitter can subsequently be made not only in USD Coin. Because Stripe is preparing support for other cryptocurrencies. In addition, they want to provide access to cryptocurrency payments in more than 120 countries by the end of 2022. In fact, this event is an additional confirmation of the continued spread of operations with cryptocurrencies in the world.