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Stripe to Start Using Crypto’s Financial Rails for Payments Today

Stripe, the payments processing giant, introduced a new function which will allow businesses to pay users in crypto using the Polygon network. 

Stripe to Start Using Crypto’s Financial Rails for Payments Today

Stripe, the payments processing giant, introduced a new function which will allow businesses to pay users in crypto using the Polygon network. 

Twitter will be Stripe’s first partner in the rollout. Now people who earn revenue on the social media platform through Ticketed Spaces and Super Follows can get paid in the USDC stablecoin.

Stripe emphasized in a blog post the “open-access global financial rails” crypto enables, allowing the company to sidestep the complexity of heterogeneous payment systems. 

“Not every creator is fortunate enough to live in a region with well-connected financial infrastructure and ecosystem,” tweeted Forbes 30 under 30 security researcher Jane Manchun Wong, expressing enthusiasm for Stripe’s new feature. 

Other Cryptos

Stripe may add other cryptocurrencies in addition to USDC. “We plan to add additional rails payout currencies over time,” the payments company tweeted in response to a question about Terra’s stablecoin UST

The crypto payments feature is being rolled out as part of Stripe’s Connect product, which helps integrate payments into businesses’ software platforms or marketplaces. Connect’s product, Payouts, will be integrating Polygon.

Not everyone is happy with the move. “Is Stripe aware that all funds on Polygon are only as secure as Polygon’s completely unregulated 5-of-9 multisig?” tweeted, Chris Blec, a consistent critic of security practices in crypto. A 5-of-9 multisig essentially means that five of nine signers are required to approve transactions. 

Still, as can be expected with news of further adoption, the overall response to the news has been resoundingly positive in the crypto community.

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