Content Platform Substack Is Now Accepting Bitcoin Payments
Substack has become a home to half a million paying subscribers of independent content across a variety of different topics. As Bitcoin regains strength and looks to tackle $50K this week, Substack is integrating with OpenNode’s Bitcoin API. The partnership will enable the platform to offer payment support in BTC via both on-chain and Lightning Network.
Substack And OpenNode
According to the press release from the team at OpenNode, the partnership will enable Substack to make “instant, low cost payments available to a select group of crypto-focused publications.” Additionally, consumers on the platform “will be able to use Bitcoin to pay for subscriptions to these select publications, and the publications will retain earnings in Bitcoin.”
Substack is an emerging publishing platform that allows creators to send their work directly to readers. Reports state that the most popular writers on the platform earn deep into the six figures each year.
Crypto and innovation writers continue to build strong audiences via Substack, as successful content writers like Packy McCormick and Kraken growth lead Dan Held, among others, utilize the platform. Furthermore, while news, politics, technology and innovation are major drivers of content on the platform, Substack is also showing initiative to diversify content offerings. Earlier this month, the platform signed a slate of comic creators. Those creators will be paid directly from the platform in year one, with Substack taking 10% thereafter. Creators are slated to retain ownership of their work in perpetuity.
New But Still Established
Despite being founded just four years ago, Substack has already made a name for itself being a go-to home for creators. The platform is back by substantial investment firms such as Andreessen Horowitz (a16z) and Y Combinator. In a March funding round led by a16z, the platform reportedly showed a valuation around $650MM.
Substack product designer Nick Inzucchi stated that “having this option will give writers more flexibility and freedom, and we look forward to doing more in crypto to meet writers’ needs.” OpenNode co-founder and CTO João Almeida echoed the sentiments, adding that “writers and podcasters have flocked to Substack to regain creative and financial freedom, and Bitcoin is a natural fit.”
Adoption continues as a rapid clip across a variety of industries. Just last week, our team reported on U.S. lender United Wholesale Mortgage (UWM) adding crypto payments to their end-of-year checklist. Furthermore, last week’s report from Chainalysis showed record-levels of global adoption this year.
With this week’s move, major independent journalists and content creators can make a living in Bitcoin.Source