Stripe partners with Twitter for the launch of a new pilot testing crypto payments.

The payment giant Stripe recently announced the launch of a new pilot that aims to expand global payments using crypto assets. The head of cryptography StripeKaran Sharmarevealed to some Twitter users the service Connect of the company for crypto payments, as the social media platform is the main partner of Stripe.

A new pilot program enabling payments USDC through the platform Stripe Connect

Under a new pilot program, Stripe will allow a small group of creators to send and receive payments in USDC via its payment platform Connect. Creators can manage their account details directly from the app Stripe Express.

Twitter will be the first to integrate the new payment method in its monetization product, the company said. The social media platform will thus allow creators to earn on its monetization options including ticketed Spaces and Great Follows with immediate settlement on cryptocurrency wallets.

For the Twitter driver, Stripe Connect will support payments in USDCthe stablecoin pegged to the US dollar. The company believes that the price stability of theUSDC is different from other cryptocurrencies which are mostly affected by high volatility. She also pointed out that more payment chains and cryptocurrencies would be added to the platform in the future.

“All crypto-related complexities and operations” will be handled by Stripeso Twitter will not be responsible for storing and acquiring crypto.

Additionally, according to the head of crypto products at StripeKaran Sharmapayments will be made on the network polygonwhich was chosen for its “low fees, speed, integration with Ethereum and its broad compatibility with wallets”.

Also read: The Office of the Comptroller of the Currency (OCC) has issued a consent order against Anchorage Digital Bank.

Stripe reinstates the crypto-sphere

Last year, the CEO of StripeJohn Collisonhad previously said that his company may reactivate cryptocurrency services soon after the giant terminated bitcoin services. Reasons for the suspension include concerns over volatility, pricing and trading inefficiencies.

Stripe is now valued at $95 billion after raising $600 million in a fundraiser last year. In 2021, unicorns processed $640 billion in payments, up 60% from the previous year.

As stated in the blog post, Stripe double its exposure in space crypto. The company said it plans to support crypto payments in more than 120 countries by the end of this year. However, Stripe is considered “late” compared to major competitors such as Block, PayPal and Visa, which have worked with many crypto companies and exchanges even before the digital asset became popular.

Also to be discovered: Fidelity announces the launch of 2 new ETFs based on cryptographic payments and Metaverse.

We would like to give thanks to the author of this article for this awesome web content

Stripe partners with Twitter for the launch of a new pilot testing crypto payments.

Visit our social media accounts as well as other pages related to them