Crypto payments solution Stripe is adding crypto payouts to Connect, its programmatic, API-based, payouts platform. For the time being, the new addition will only be of benefit to those using Twitter.
The roll-out will see payouts take place over the Polygon network to facilitate low gas fees, Ethereum integration, and ‘broad wallet compatibility’ which covers MetaMask, Coinbase Wallet and Rainbow. When Twitter users receive their earnings (which could be earned through ‘Tips,’ ‘Super Follows,’ ticketed ‘Spaces’ events, or another feature on the platform) they will be able to hold their balance on Polygon, while also having the option to bridge it to Ethereum and exchange it into another currency. Over time, the platform wishes to add support for additional rails and payout currencies.
Twitter’s recent focus has largely been focussed on the expansion of creator monetization services, which is why its initial onboarding of Connect (before its crypto addition) comes as no surprise. With the addition of crypto to its user payment dynamics, more crypto-using creators will be encouraged to engage with the platform and all of its monetisation avenues. The move will also open the doors for the platform to work in connection with more crypto-native content, such as NFTs.
With regards to the onboarding on crypto to Connect, Stripe began the operation last month when it released a series of APIs and other crypto-centric tools for developers to begin integrating. In wake of its launch, Stripe now supports the use of fiat currencies to buy more than 135 different crypto tokens, cash-out facilities, NFT trading, and compliance features like Know Your Customer (KYC) (with such functions being rolled out across 180 countries).