On April 22, payments giant Stripe announced that it is expanding global payouts using crypto assets via a new pilot. Stripe’s crypto executive Karan Sharma revealed crypto payouts for the company’s Connect service to a select group of Twitter users as the social media platform is Stripe’s first partner.

Stripe and Twitter Partner to Test Crypto Withdrawal Feature Using Stablecoin USDC

Stripe announced Friday that it will allow businesses to pay users in digital currencies via a pilot through Stripe’s Connect service. The company’s first partner is Twitter and crypto withdrawals will initially start with payments in USD coins (USDC). Starting today, a certain amount will be paid to select crypto users in USDC when they generate revenue from Twitter services such as Super Follows and Ticketed Spaces.

“With crypto payouts for Connect, Twitter will allow developers who choose to withdraw their earnings to a cryptocurrency wallet,” Sharma said blog entry explained. “Stripe will handle all crypto-related complexities and operations. No code changes are required and platforms can avoid facing the challenges of acquiring, storing or transferring crypto themselves.”

Both Stripe and Twitter are crypto assets and the social media company is no stranger Crypto tip introduced Late September 2021. While Stripe says initial crypto support will be USDC, USDC transfers will be done over the Polygon network. “[Users] can keep their balance on Polygon or choose to bridge to Ethereum and convert it to another currency,” Sharma said. “We plan to add support for additional rails and payout currencies over time.”

Stripe went on to say that the company is keen to share this new feature with other partners. The company released one integration guide and interested participants can request access to the beta program. “We’re excited to see what this means and the potential of cryptocurrencies to help solve real-world problems, especially outside of the major markets,” concludes Sharma’s blog post. “Until the end of the year, [Stripe] plans to support crypto withdrawals in more than 120 countries.”

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What do you think of Stripe’s new crypto payouts and partnering with Twitter to test the program? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

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