Through an integration with the payment processor OpenNode, the content platform Substack Bitcoin (BTC) can accept payments on the chain and use the Lightning Network.
In an announcement on Monday, OpenNode said the platform had partnered with Substack. The aim is to “make it easy for authors and publications to accept payments in Bitcoin”. According to OpenNode and Substack, the integration will only be available for “a select group of crypto publications” on the platform.
The publishing platform offers authors the opportunity to send their works directly to the readers. It has over 500,000 subscribers and the most popular authors make huge six-figure amounts annually. The selected Substack readers will be able to pay for their subscriptions in Bitcoin. Certain publications are then allowed to keep their earnings in crypto.
Substack’s product designer Nick Inzucch indicated that the platform would later expand its crypto payment offering to other authors in order to offer them “more flexibility and freedom”. Several prominent figures in the crypto space are currently publishing their work through Substack. Among them, for example, the analyst Willy Woo and the growth manager of Kraken Dan Held.
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Substack was founded in 2017 and was funded by venture capital firms Andreessen Horowitz, Y Combinator, Fifty Years, and others. Following a funding round in March led by Andreessen Horowitz, the platform was valued at approximately $ 650 million.