202222 Apr

Fintech giant Stripe jumps into crypto with a feature that lets Twitter users get paid in stablecoin

Summary

Stripe will allow businesses to pay their users via cryptocurrencies, starting with Twitter, in the latest sign of how large financial firms are warming to digital assets. Starting Friday, the social media platform — which has been the subject of much talk lately over a potential takeover by Tesla CEO Elon Musk — will let a certain number of creators receive their earnings from its paid Ticketed Spaces and Super Follows features in USDC. The San Francisco-based start-up stopped accepting payments via bitcoin in January 2018, citing the digital coins notoriety for volatile price swings and a lack of efficiency in making everyday transactions. But the firm has since warmed to crypto amid hype over "Web3," a movement in tech that calls for the creation of a decentralized version of the internet based on blockchain technology. "While the store of value aspects of cryptocurrencies typically receive the most attention, we view the prospect of open-access global financial rails as being at least equally compelling," Karan Sharma, product manager at Stripes crypto unit, said in a blogpost Friday.

Source: Cnbc

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