Payment processor Bandaged will use the Ethereum scaling platform Polygon to enable its customers to pay crypto vendors, freelancers, content creators and service providers.
Social media giant Twitter will be the first to test its service by paying content creators who use its monetization products like “Ticketed Spaces” and “Super Follows” in crypto.
Stripe noted that initial payments will be made using USD Coin (USDC), a stablecoin whose value is pegged to the US dollar, native to the Polygon network and through Polygon-enabled wallets, according to a statement released Friday. Support for additional rails and payout currencies is also on the way and will be launched in due course, he added.
USDC issuer Circle originally aimed its stablecoin to be used for consumer payments, but over the past 18 months it has gained a reputation as a DeFi stablecoin.
Crypto exchange FTX uses Stripe to build onboarding and identity verification features.
Polygon was chosen because of its low fees and compatibility with popular wallets such as MetaMask, Coinbase, and Rainbow.
“We’re focused on helping the creators who lead these conversations earn money and connect with their audiences in new ways. We’re excited to start offering crypto payments to creators through Stripe so they have more choice in how they get paid,” said Esther Crawford, Product Manager for Creators, Twitter, Ledger Insight reported.
Twitter added a monetization feature last year to further integrate into the “creator” economy and increase revenue. Creators who receive their payouts in cryptocurrency can store their earnings in the Polygon network-supported crypto wallet and then exchange them into other currencies of their choosing.
The social media platform is in the midst of a takeover by the founder of Tesla Elon Musk who used Twitter to promote bitcoins and “meme coins” like dogecoins.