Patreon to explore expansion into crypto realm

Patreon to explore expansion into crypto realm

Patreon executives again teased their company's expansion into the world of crypto at a 2021 Creator Economy Summit by The Information panel. Patreon CEO Jack Conte appeared with Chief Product Officer Julian Gutman, saying:

“I really love the idea of creators owning their media and owning their content. [...] I love the idea of shifting power away from institutions and toward individual creative people.”

Conte noted that while the platform doesn’t currently have full time employees focused on cryptocurrency, it was considering hiring them. Gutman went on to say, “I think for us, really thinking through how we’re continuing to ensure we’re creating a sustainable recurring future for creators is why we’re evaluating the crypto space more broadly.”

These statements follow last month's announcement that the company was seeking feedback from its clients about the possibility of launching a Creator Coin/Social Token. On a livestream, Patreon Head of Policy Lauren Crentshaw said:

“We've heard from a number of creators who have been interested in the opportunity to offer exclusive memberships and benefits to their patrons through a coin or token, a digital item that they can hold onto that shows that they are part of your fan club.”

Patreon’s current terms of service specifically prohibit the use of the platform to sell cryptocurrencies outside of the sphere of personal investment advice.

In 2019, libertarian talk show host Dave Rubin switched from Patreon to accepting donations in bitcoin due to what he perceived as censorship on the platform’s part. Last month Twitter rolled out a crypto donation feature that integrated with many web based applications, including Patreon.

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