Stripe enables crypto payouts for freelancers in USDC

By Amelia Isaacs on Monday 26 September 2022

Digital Banking

4.4 billion people in more than 110 countries can now receive funds in local currencies or crypto via Stripe Connect.

Stripe enables crypto payouts for freelancers in USDC
Image source: Patrick Collison & John Collison/Stripe.

 

After resuming its Bitcoin support earlier this year, Stripe is expanding its crypto offerings to enable USDC payments for freelancers. 

The move should be a big win for freelancers in countries with large unbanked populations, and those who struggle to get paid remotely.

Stripe estimates that around 4.4 billion people in more than 110 countries can now receive funds through the platform, in either local currencies or crypto.

According to the payments company, freelancers in countries such as El Salvador, Bhutan and Djibouti – where the majority of people do not have bank accounts – will now be able to receive funds via USDC in minutes.

The first decentralised talent network Braintrust is one company that has added the new payment option with Stripe Connect.

“The global reach of Stripe Connect levels the field,” Mark Williams, vice president of infrastructure at Freelance Labs, which built Braintrust, said.

“We were able to get up and running with Connect crypto payouts quickly, allowing our talent to get paid in minutes, rather than days. 

“Instead of building a giant money movement organisation, we’re able to focus on our mission of connecting great talent to great jobs.”

An early supporter of crypto, Stripe became the first major payment company to enable Bitcoin back in 2014.

The company then paused transactions in the cryptocurrency in 2018 before resuming support for it on its platform in May this year.

Stripe also announced a stablecoin payments option earlier this year and recruited a team of crypto engineers to its US offices in 2021.

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Companies in this Article:

Stripe

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