Payment Company Stripe enables crypto payments in USDC

Payment Company Stripe enables crypto payments in USDC

The payment company Stripe now enables crypto payments in USD Coin (USDC), and Twitter manufacturers will be the first to use the service.

The process for fans and customers, creator, freelancer, seller and "soloPreneure" can be difficult, especially outside of the large markets, said Stripe product manager Karan Sharma on a Friday Blog entry .

"While the aspects of the 'value storage' of cryptocurrencies usually get the most attention, we see the view of 'openly accessible global financial rails' as at least as convincing," wrote Sharma.

The crypto payments are added to Connect, the payout platform Stripe, which was founded in 2015. Companies are currently using Connect to send payouts program -controlled in local currencies in about 70 countries.

A selected group of developers on Twitter, the first partner of Stripe, will be able to use crypto-based rails to get revenue from the social media platform. Twitter already uses Connect to pay creators Ticketed Spaces and great Follows products.

Payouts are initially supported in the USDC Stable Coin via the Polygon POS (Matic) network. The earnings of the creators are paid into polygon-compatible wallets such as Metamask, Coinbase Wallet or Rainbow Wallet, and the creators can store their income in USDC or convert them into a local currency.

jeremy allaire, the CEO of Circle-the company behind USDC-said in Twitter-posts Digital currencies like USDC made it possible for everyone to easily receive payments all over the world.

"The fact that one of the most important payment companies in the world is introducing USDC is an indicator of the future," tweeted Allaire. "We share your mission to increase the GDP of the Internet, and believe that USDC will become an important building block for internet trade."

Sharma said that Stripe is planning to add additional rails and payment currencies over time, and tries to support crypto payments in more than 120 countries by the end of the year.

Stripe announced partnerships with FTX and Blockchain.com last month to offer support for stock exchanges, on-ramps, wallets and marketplaces for non-fungible tokens (NFT).

Stripe was the first major payment company to support Bitcoin payments, but ended his support for the cryptoasset in 2018. Strip wrote back then.

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The Payment Company Stripe Enables Crypto Payouts in USDC is not a financial advice.