Online content distribution platform Substack will now accept payments in Bitcoin for selected crypto-related publications, the company announced on the 23rd.
Substack is an Andreessen Horowitz-backed content platform that allows writers to monetize their content such as news and email newsletters via the platform’s 500,000 paying subscribers. The company earns by keeping 10% of the writer’s subscription fee. As of yet, the company has raised $80 million in funding from notable investors such as Andreessen Horowitz, Y Combinator, Fifty Years, and more.
The Bitcoin payments will be processed via payment processor OpenNode. Currently, only two publications have started accepting payments in Bitcoin: Willy Woo’s newsletter, The Bitcoin Forecast, and The Held Report by Dan Held. Substack revealed it will accept payment both on-chain and via the Lightning Network.
Nick Inzucchi, product designer at Substack noted:
“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.”
Talking about the newly formed partnership, Co-founder & 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.”