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Substack platform to start accepting BTC payments

Industry News

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Bitcoin payments are somehow a new mainstream for progressive merchants, as the number of crypto-friendly businesses skyrockets in 2021.

Substack, a platform to access paid newsletters, announced that the company had started to accept Bitcoin payments. The platform applied to the OpenNode provider to empower customers to use digital assets for purchasing suggested services.

The Substack team commented on this announcement: “Bitcoin payments are swift, convenient, and safe, offering low fees. We have added Lightning Network transactions that are even faster than credit cards.”

Substack came into existence in 2017. As of today, the platform has already attracted more than 500 000 paid subscribers. The acceptance of crypto payments may push the platform to a new level, inviting millions of crypto holders.

In March 2021, the capitalization of Substack has reached $650 million. This platform has 14 investors, including Fifty Years and Andreessen Horowitz.

At present, the company is ready for BTC payments only, through the Lightning Network technology. Transaction volumes inside Bitcoin Lightning Network have skyrocketed by 70% within the last 6 months.

The number of crypto-accepting businesses grows rapidly to allegedly reach 20 000 companies in 2021. The acceptance of digital currencies opens new horizons for retailers, and this fact is admited by both small merchants and giant corporations.

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