Twitter creators to get payouts in cryptocurrency- Know how it works

Twitter has joined hands with Stripe to instantly pay funds to their creators using cryptocurrency. Here is all you need to know.

Twitter to pay its creators in cryptocurrency. Check details. (Reuters)

Microblogging and social networking site Twitter is going to pay creators in cryptocurrency. Yes, Twitter has joined hands with Stripe, a financial infrastructure platform for business, for the same. It can be noted that initially, payouts will be available using USD Coin (USDC), a stablecoin pegged to the US dollar. Informing about the same, Stripe said in a statement, "Platforms and marketplaces on Stripe can now instantly pay funds to their sellers, freelancers, content creators, and service providers using cryptocurrency. Initially, payouts will be available using USD Coin (USDC), a stablecoin pegged to the US dollar."

Twitter will use this feature to pay out earnings from Ticketed Spaces and Super Follows and in the initial state, this option will be offered to a small group of Twitter's US creators. "Using Stripe, companies like Twitter can offer creators the choice to receive payments in crypto. Twitter will use this feature to pay out earnings from Ticketed Spaces and Super Follows. This option will initially be offered to a small group of Twitter's US creators," Stripe added.

Reacting on the same, Esther Crawford, product lead for creators at Twitter said, "Twitter is where people go to have conversations about what's happening. We're focused on helping creators who are driving those conversations earn money and connect with their audiences in new ways. We're excited to begin offering crypto payouts to creators via Stripe so they have more choice in how they get paid."

While, Will Gaybrick, chief product officer at Stripe said, "Making commerce more global is one of the most powerful ways we're going after our mission to increase the GDP of the internet. Because crypto protocols are global by default, they're a natural vector for doing this. With crypto payouts, platforms using Stripe can send money to verified recipients nearly anywhere in the world, instantaneously."

How will it work

As per the information provided by Stripe, with Stripe Connect, businesses can programmatically payout to people in more than 70 countries—in their local currency.

With the addition of crypto payouts, platforms using Connect can participate in the Web3 economy without having to acquire and store crypto themselves.

Now, they can quickly pay out to their users in even more countries, and improve their services for those who prefer crypto over traditional fiat payment methods.

Stripe will initially support payouts in USDC to wallets compatible with the Polygon network. Later this year, Stripe will roll out support for additional cryptocurrencies and blockchain networks.

Platforms and their end users can easily monitor and manage payouts—including crypto—in the Stripe Dashboard.