Should Elon Musk’s Platform Embrace Crypto Payments?
Following the announcement of X’s (formerly Twitter) ads revenue sharing initiative, crypto exchange Kraken proposed the possibility of accepting payments in Bitcoin (BTC).
The X community responded positively to the tweet, praising the suggestion as a welcome idea. VJ Crypto Guerreier said it would be incredible if X CEO Elon Musk could begin with Dogecoin (DOGE) for payments. However, ixela.lens, another user on the platform, responded, stating that for the time being, it might be more realistic to receive payments in “Web Money.”
X Introduces Ad Revenue-Sharing Program
After eager anticipation, X finally introduced its ad revenue-sharing program for eligible creators worldwide. The initiative enables creators to receive a portion of the revenue generated from advertisements displayed in responses to their content on the X platform. According to the developers, this move is a significant step in X’s commitment to supporting individuals in earning a direct livelihood on the recently rebranded platform.
Creators with a minimum of 15 million impressions in the last three months, with at least 500 followers and the Blue verification subscription, will be eligible for payouts. Meanwhile, X has declared financial technology company Stripe as its payment processor for payouts.
Stripe’s On-Ramp Service and Crypto Payments
According to a Cointelegraph report, Stripe launched a native fiat-to-crypto on-ramp service aimed at improving the crypto purchasing process for customers in the United States. Should Musk’s platform introduce crypto payments, the on-ramp service could prove beneficial. However, there are no indications or plans from X developers regarding implementing cryptocurrency-based payments.
Cryptocurrency payment support has been available since April 2022 when Stripe introduced crypto payouts for Twitter creators. The possibility of crypto payments launching on the social media platform has been a topic of discussion for some time, with speculations suggesting that DOGE and BTC could be among the initial coins supported by X.
In reality, the crypto payments support has been available since April 2022, when Stripe added support for cryptocurrency payouts to Twitter creators.
Conclusion
While the potential for X to introduce crypto payments remains uncertain, Stripe’s on-ramp service stands ready to facilitate such transactions should the platform decide to embrace cryptocurrencies. As the X community continues to discuss the idea enthusiastically, only time will tell if Elon Musk’s platform will venture into the world of digital payments.
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