Stripe will offer a pilot program on Twitter in which creators will be able to send and receive payments in USDC.
Stripe’s pilot program
As of today, Stripe allows a small group of creators to accept payments in USDC. The company stated in a blog post that Twitter will be the first company to integrate the new payment method. The social platform will be able to instantly settle payments with Ticketed Spaces and Super Follows.
Stripe will handle all crypto-related complexity and operations, so Twitter will not be responsible for storing and acquiring cryptocurrencies, the company said.
To facilitate all transactions on the chain, the company will rely on the Polygon network, which has the strengths of “low gas charges, high speed, compatibility with a wide range of wallets, and integration with Ethereum.” Creators who receive funds through the program can connect their assets to the Ethereum network, and they will be able to exchange them for other cryptocurrencies.
For now, the platform supports USDC payments, but more chains and cryptocurrencies will be added later.
Adoption in 120 countries
In addition, Stripe announced it is planning to increase its exposure to the cryptocurrency market. The company plans to develop cryptocurrency systems in more than 120 countries by the end of the year. In comparison to its major competitors like Block, PayPal and Visa, who worked with many companies and cryptocurrency exchanges even before digital assets became popular, Stripe is considered to be “late to the party.”
Last year, Stripe CEO John Collison suggested the company could re-enable cryptocurrency services amid concerns about volatility in the BTC price and “transaction inefficiency.”
Stripe raised $600 million last year in a funding round; the company is now valued at $95 billion. As of 2021, it processed $640 billion in payments.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.