Substack on-line publishing platform has revealed that it’ll begin accepting Bitcoin as a fee methodology for a choose variety of its publications.
The New York-based on-line publishing platform has partnered with Bitcoin funds processor firm OpenNode to allow the brand new program.
OpenNode introduced on Monday, August 23, that it had built-in its API to enable each on-chain and Lightning funds on the Substack platform. While OpenNode will use the Lightning Network to course of sooner funds, another choice will probably be to make funds “on-chain” with out Lightning.
The Lightning Network permits sooner transaction occasions and lowers the prices of such transactions by skirting the principle Bitcoin blockchain. Substack recognised the community as making sooner funds than bank cards.
Substack’s over 500,000 paying subscribers will probably be ready to pay utilizing Bitcoin by means of the Lightning or on-chain fee networks.
Substack, which outstanding buyers, together with Andreessen Horowitz, will start enabling Bitcoin funds – beginning with choose crypto publications—as a type of fee for these publications’ subscribers worldwide. The firm mentioned that it could discover the broader availability of Bitcoin funds relying on suggestions and demand.
People use Substack to launch newsletters protecting every part from cryptocurrency to comedian books. Although some Substack newsletters are free, the platform permits writers to arrange subscription publications and cost readers for consuming content material.
João Almeida, co-founder and CTO at OpenNode, talked in regards to the new improvement and mentioned:
“Our partnership will enable content material creators throughout the Substack ecosystem to settle for Bitcoin funds and retain earnings in bitcoin or convert to most well-liked forex. Writers and podcasters have flocked to Substack to regain artistic and monetary freedom, and bitcoin is a pure match.”
Bitcoin Gains Popularity
The transfer by Substack indicators a rising curiosity in cryptocurrency from publications.
In April, TIME Magazine allowed readers to purchase its digital subscriptions with Bitcoin and different 31 cryptocurrencies. TIME partnered with Crypto.com to facilitate the initiative.
During that point, TIME’s Chief Technology Officer, Bharat Krish, said that accepting cryptocurrency as a fee methodology got here from TIME’s digital transformation dedication to embrace new applied sciences and dealing intently with progressive corporations like Crypto.com to deliver its concepts into fruition.
Bitcoin is changing into an more and more widespread fee choice amongst a number of corporations throughout many industries, permitting prospects to use crypto as an official fee methodology for their items and companies.
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