Newsletter Platform Substack is now accepting bitcoin on the lightning network
OpenNode, a Bitcoin payment processor, announced yesterday that Substack, an online publishing platform, will offer Bitcoin payments on their platform. OpenNode will now power the on-chain and Lightning Network Bitcoin payments.
Substack’s partnering with OpenNode will make it easy for publishers and writers to get paid in Bitcoin. They have started by making instant low-cost bitcoin payment options available to a select group of publishers. Readers will also be able to pay for their subscription through bitcoin. publications can retain their earnings in Bitcoin. Substack product designer has also hinted that the platform could later expand its crypto payment feature to other writers to give them “more flexibility and freedom.”
The product designer at Substack Nick Inzucchi said that "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 to meet writers' needs."
The co-founder and CTO at OpenNode, João Almeida said "Our partnership will allow content creators across the Substack ecosystem to accept Bitcoin payments, and retain earnings in Bitcoin or convert to preferred currency. Writers and podcasters have flocked to Substack to regain creative and financial freedom, and Bitcoin is a natural fit."
OpenNode which was founded in 2018, provides secure and reliable payment acceptance solutions for businesses. On the other hand, Substack which was founded in 2017 has a community of readers who can subscribe directly to the writers of their choice and support them through paid subscruiptions. Substack has more than 500,000 paid subscribers on its platform. Substack allows its writers to send their work directly to readers and subscribers. A number of prominent publishers in the crypto space currently publish their work using Substack.
Substack is backed by top venture capital firms like Andreessen Horowitz, Fifty Years, and Y Combinator. The March round of funding led by Andreessen Horowitz has got the valuation of substack to roughly $650 million.
CBW - External Analyst