Stripe will test crypto payment using Polygon, an Ethereum scaling solution, with Twitter. It will be the first corporation to put Stripe’s cryptocurrency payments trial with users of its content monetization services.
Stripe and Twitter partnership
In a blog post published on Friday, the payments company revealed its partnership with Twitter to give USDC stablecoin rewards to users earning money through Twitter’s premium programmes. Qualified Twitter users will utilise a Web3 wallet to transfer earnings from it to the Polygon network.
Recently, Twitter has demonstrated a keen interest in cryptocurrencies. It has introduced Bitcoin payments via Lightning Network and NFT authentication tools. It now looks to be ready to embrace the space even more with collaboration with Stripe.
Crypto wallets compatible with payment
A number of wallets such as Rainbow, Coinbase Wallet, WalletConnect, and Metamask are compatible with the new crypto payments capability. Stripe Connect will handle know-your-customer (KYC) regulations and any cryptocurrency payments paid out through Polygon.
Stripe has re-entered the crypto sector with the new Polygon integration, after abandoning support for Bitcoin payments in 2018. Stripe co-founder John Collison announced last month that the firm will now support crypto businesses, although he did not specify any specific collaborations. Stripe likely selected Polygon initially due to its low transaction costs. Stripe is intended to provide other cryptocurrencies payment features in the near future.
Polygon, Ethereum’s leading scaling solution, has been making headway in recent months to bring in mainstream crypto usage. It has also bought numerous projects that use techniques that help to process transactions at a faster rate with cheaper cost than Ethereum mainnet.
