What is Stripe Connect: The platform that will help Twitter creators get paid in cryptocurrency

cnbctv18.com:

“Today, we’re introducing crypto payouts for Connect. With crypto payouts, a select group of creators on Twitter—our first partner—will be able to use cryptocurrency-based rails to receive their earnings from Twitter,” Stripe Inc said in its blog post.Also Read: 5 things you should not do when investing in cryptocurrenciesWhat is Stripe Connect?In a nutshell, Stripe Connect is a payments solution for platforms and marketplaces.

It allows businesses to pay people in more than 70 countries in their local fiat currency, and now, cryptocurrencies like the USD Coin (USDC).As of now, Stripe Connect will only support crypto payouts to wallets compatible with the Polygon (MATIC) network. Polygon is a layer two blockchain designed to make Ethereum faster and easy to use.

Polygon offers blisteringly fast transaction speeds (up to 65K TPS) and nominal transaction fees, which could be why it was chosen for the Stripe Connect crypto pilot program.Another reason behind the partnership could be their vested environmental interests. Both companies are looking to push green initiatives.

Polygon is looking to go carbon-neutral by the end of the year, and Stripe has just set up a new fund to support carbon dioxide removal technologies.Twitter and Stripe ConnectTwitter has several monetization products such as Ticketed Spaces, Super Follows and Tips. According to Stripe Inc’s blog post, two of these products, Tickets Spaces and Super Follows, already use Stripe Connect to pay creators.With Ticketed Spaces, creators can host talks and conversations that users can only access if they pay a certain fee.