Payments company Stripe Inc., one of the world’s most valuable startups, is stepping up its comeback to cryptocurrencies.
Payments company Stripe Inc., one of the world’s most valuable startups, is stepping up its comeback to cryptocurrencies.
Stripe said in a statement Friday that its first partner in the expansion will be Twitter Inc., which will allow a select group of creators on the social media platform to receive cryptocurrency payments through via the Stripe Connect platform.
The move is the latest manifestation of Stripe’s renewed interest in cryptocurrency after rivals such as Block Inc., PayPal Holdings Inc. and Checkout.com entered the industry. Stripe suspended support for Bitcoin payments in 2018, but began recruiting crypto talent last year and in March said it was helping digital asset exchanges FTX and Blockchain. com make online payments and verify customers.
Twitter creators will be able to receive initial payments in stablecoin USD Coin. Payments on the Stripe Connect platform will be made using Polygon, a blockchain network designed to make Ethereum faster and easier to use. Stripe says it chose Polygon because of its speed and low transaction fees.
Green focus
Stripe and Polygon also share a common focus on the environment. Polygon wants to eliminate its carbon footprint this year as the crypto industry continues to face criticism over its energy use. Stripe established a new fund this month to support carbon dioxide removal technologies.
The addition of Polygon support and USD Coin payments also represents a new platform for Twitter, which introduced Bitcoin last year. Creators will be able to earn USD Coin through Twitter monetization features like Marked Spaces and Super Follows.
Stripe plans to add support for cryptocurrencies other than USD Coin and give access to crypto payments in more than 120 countries by the end of 2022, in a further nod on the expand adoption of digital tokens.
Last year, Stripe raised $600 million in a funding round, valuing the company at $95 billion. The company processed $640 billion in payments in 2021, up 60% from a year earlier.
