- Substack is an online platform that allows users to publish subscription newsletters.
- The platform recently announced that it will partner with OpenNode, a payment processor company.
- The partnership facilitates content creators on Substack to earn and receive their payments in cryptocurrency.
What did the companies announce?
In a twitter post through their official account, OpenNode announced its partnership with Substack publicly. It outlined the purpose of its partnership in the tweet itself. The two companies have joined together to facilitate Bitcoin payments to the content writers at Substack.
After integrating with OpenNode’s API software, Substack became compatible to allow its writers to accept payments in Bitcoin. These payments involve subscription payments. These payments will be facilitated by lightning network and blockchain technology provided by OpenNode.
This facility will greatly impact writers interested in cryptocurrencies and subscribers wanting diverse payments options. OpenNode will also benefit from the partnership owing to the publicity and revenue from charges imposed on transactions.
The product designer at Substack had a few words to say about their partnership and the new service:
“We’re excited to be working with OpenNode to enable independent publishers on Substack to accept crypto payments. Having this option will give writers more flexibility and freedom, and we look forward to doing more in crypto as our users demand it.”
The developers at OpenNode are passionate about making Bitcoin the currency of the new age. Due to this, Substack has become their best achievement till date as thousands of writers will reap the benefits of Bitcoin. It also looks forward to working with Substack on future projects involving low-cost Bitcoin payments.
What is Substack?
Substack is an online platform that allows users to publish subscription newsletters. The platform makes it simpler for writers to start a newsletter that makes money from the people who subscribe to it on a daily basis. Thus, the platform deemed it appropriate to include cryptocurrencies like Bitcoin in its payments system.
Publishing content on the platform is completely free. The platform only charges you when you earn money from subscriptions. The platform allows you to write newsletters on any topic of your choice provided that some terms and conditions are met.
When one is ready to launch a paid newsletter, the Substack platform sets up the chain and organizes the audience. The writers have no burden other than writing and publishing their content.
What is OpenNode?
OpenNode is a payment processor company that enables Bitcoin payments and payouts simpler for third parties. The company has various established partners such as Shopify, Fidelity Investments, Bitcoin Magazine, Big Commerce, Dafabet and Draper associates.
The company facilitates third parties to conveniently accept Bitcoin and convert them into local currencies such as USD, Euro, GBP and many more. The software of the company enables one to send and accept Bitcoin as a payment globally with local currency.
All payments and transactions involving Bitcoin are recorded and billed by the company using its intelligent software. They are converted into professional bills.
The platform also permits users to instantly convert the Bitcoin payment received into local currencies with low fees. The users can set limit orders to execute the conversion at favorable prices. The users can also choose to accept part payments in Bitcoin and the remaining in fiat currency.