Friday, October 7, 2022

Stripe Expands its Payout Options With Crypto Inclusion

Stripe, a payment processing firm has expanded its payment options on its Stripe Connect with the inclusion of crypto payment in the form of USD Coin (USDC).

The payment processing firm aims at solving the challenge which freelancers, sellers, and creators experience when it comes to receiving payments. The company, however, mentioned that the service would initially be available only to some selected creators on Twitter.

Twitter, which is Stripe’s first partner for this latest crypto support program, already makes use of Connect in sending payout to Twitter creators who earn money through the social media platform’s monetization products, will now be able to choose cryptocurrency instead of Fiat currency with Stripe handling all of the crypto-related demands.

Stripe, which currently helps several companies make payments to over 70 countries in their local currency, has said that with this new crypto payment option, the complexities that come with incorporating more nations and currencies would be greatly eliminated.

Starting with the USDC, a stablecoin that is pegged to the US dollar, the firm plans to reach well over 120 countries in crypto payout by the end of the year.

According to the firm, the Polygon Protocol would be the network of choice for transferring cryptocurrency due to its remarkably low fees and its compatibility with a wide array of wallets which includes Metamask, Coinbase wallet, and some others.

Being a payment option, Stripe stated that freelancers and creators who choose to be paid in crypto would of necessity have to pass through the company’s standard onboarding process which would include a comprehensive Know-Your-Customer (KYC). Once completed, freelancers would be able to keep track of their earnings and also view upcoming payments.

More Than Just a Store of Value

With its recent partnership with cryptocurrency exchange FTX, Stripe has chosen to take the stance of seeing cryptocurrency as being more than just a store of value and has been digging into the possibilities of using cryptocurrency-based platforms to unlock broader utilities.

After what seemed like the end of Stripe’s play in the crypto pool, the payment firm seems to be fully back into the blockchain world with some innovative products that involve using cryptocurrency to solve real-life problems.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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