Publishing platform Substack announces support for cryptocurrency payments
By Bob Garcia
More adoption of crypto as a fiat alternative continues to be found
Content platform Substack has begun working with payment processor OpenNode to now accept Bitcoin (BTC) payments on-chain and using the Lightning Network. As time goes on, more companies are beginning to realize how feasible it could be to accept cryptocurrencies as payment methods and have begun to make the necessary moves to get into the growing space.
In an announcement shared yesterday, OpenNode said it had joined forces with Substack “to make it easier for writers and publications to receive payments in Bitcoin.” According to both companies, the new integration will be exclusive to “a select group of crypto-focused publications” on the platform. Reportedly, the famous publishing platform has served as an excellent tool for thousands of writers who need to send their work directly to readers. It currently has more than half a million paid subscribers, with many of the most famous ones earning more than six figures annually.
Substack’s select group of readers will now have the ability to pay for their subscriptions in BTC, while also giving certain publications the opportunity to keep their earnings in cryptocurrencies. Nick Inzucch, Substack’s product designer, said that in the future there could be the possibility of expanding the cryptocurrency offering to other writers on the platform in an effort to give them “more flexibility and freedom.”
Currently, analyst Willy Woo and Kraken growth leader Dan Held are among several relevant figures in the crypto space who also make use of Substack’s services to publish their content. This 2017-founded platform reportedly has a valuation of approximately $650 million after going through a funding round more than five months ago.