Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
Substack will be partnering with payment processor OpenNode to accept Bitcoin payments on-chain and also make use of the Lightning Network technology to simplify financial transactions.
In an announcement made on Monday, OpenNode, a payment processing company, confirmed that they have partnered with publishing platform Substack to allow the writers to get paid in BTC. Both the companies have further stated that the following integration will be made available to “selected crypto-focused publications” for the time being.
Substack Partners with OpenNode to Accept Payments in Crypto
Substack, which is a reputed publishing platform, works on a particular concept that allows writers to send their work directly to readers. The platform at present hosts more than 500,000 subscribers. The partnership intends to facilitate payments to be made in crypto by a selected group of readers, allowing them to pay for their subscriptions in Bitcoin. The platform has garnered a loyal fan following, with writers who are already earning an attractive six-figure salary.
Substack’s Nick Inzucch has further indicated that the platform might extend its crypto offering in the future and include other writers in their domain. With this move, the platform will offer a level of flexibility and freedom to writers who wish to experience a better way to receive their payments. Currently, the platform has been assisting well-known crypto figures with their publishing processes which include analyst Willy Woo and Kraken growth lead Dan Held.
As per the official announcement, Substack has clarified that they will facilitate payments in crypto with the assistance of payment processing company OpenNode. OpenNode will be utilizing the Lightning Network to process payments at a relatively faster pace. The company will also provide an option to conduct payments on-chain if a subscriber wishes to use an alternative method. OpenNode’s founder and CTO João Almeida has commented that the partnership with Substack intends to permit the content creators across the platform to retain their earnings in Bitcoin and also accept payments in BTC to access a level of financial freedom and flexibility in their independent financial operations.
According to Substack, the Lightning Network will enable incredibly fast payments and will also play a crucial role in cutting costs and reducing processing charges. The network comprises a layer 2 payment rail built on blockchain that permits the users to conduct instant and secure BTC payments with no additional cost.
Substack which was founded in 2017 is an online platform that allows users to craft newsletters and send them directly to subscribers. With its headquarters situated in San Francisco, the platform has amassed a significant following with its unique publishing policy and has been gaining steady momentum. Substack’s partnership with OpenNode will further solidify their intention to let the writers experience a sense of financial freedom and accepting payments in Bitcoin is an organic method for the company to accomplish the said task.