Online payments giant Stripe said Friday it would begin letting Twitter stars be paid in a dollar-pegged form of cryptocurrency in the latest digital money endorsement.
Stripe said in a blog post that it is looking to expand the option to other online platforms where “creators” who attract audiences are given money-making opportunities like subscriptions and access to exclusive content.
“We’re focused on helping creators who are driving these conversations monetize and connect with their audiences in new ways,” said Esther Crawford, product lead for Twitter creators, in the post.
“We’re excited to offer developers cryptocurrency payouts through Stripe so they have more choices in how they get paid.”
The feature debuts as Twitter tries to fend off an unwanted campaign by billionaire Elon Musk to buy the one-to-many messaging platform and as supporters of the cryptocurrency strive to mainstream it.
Stripe will be working behind the scenes to allow a “select group” of popular Twitter personalities to get paid in USDC stablecoin, which is pegged to the U.S. dollar, the companies said in the post.
“With crypto payouts for Connect, Twitter will enable creators who choose to withdraw their earnings to a cryptocurrency wallet,” the blog post explained.
“This will allow many people who otherwise would not be able to hold dollars.”
The Stripe Connect payment system is used to send money to more than 70 countries, the company said.
The financial technology company plans to add more partners, countries and cryptocurrencies in the future.
For a time, Stripe accepted bitcoin transactions, but stopped in 2018 amid concerns over timing and fees. It recently changed course, announcing partnerships with crypto exchange platforms FTX and Blockchain.com.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.