Substack, an online publishing platform, has announced that a limited selection of its publications will now accept Bitcoin as a payment option.
To implement the new initiative, the New York-based online publishing platform has teamed with Bitcoin payment processor OpenNode.
On Monday, August 23, OpenNode announced that its API had been linked with the Substack platform, allowing for both on-chain and Lightning payments. While OpenNode will leverage the Lightning Network to process payments more quickly, it will also be possible to conduct payments “on-chain” without the use of Lightning.
The Lightning Network avoids the main Bitcoin network provides quicker transaction speeds and reduced transaction fees. Substack identified the network as processing payments quicker than credit cards.
Over 500,000 paid subscribers of Substack will pay using Bitcoin via the Lightning or on-chain payment networks.
Substack, backed by Andreessen Horowitz and other renowned investors, will begin accepting Bitcoin payments as a means of payment for subscribers to select crypto newspapers throughout the world. Depending on feedback and demand, the firm stated it might expand the availability of Bitcoin payments.
Substack is used to launch newsletters on topics ranging from bitcoin to comic comics. Even though some Substack newsletters are free, the platform allows writers to create subscription publications and charge readers for content consumption.
OpenNode co-founder and CTO Joo Almeida spoke on the new advancement, saying:
“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.”
Bitcoin is gaining in popularity
Substack’s move reflects a growing interest in cryptocurrencies among publishers.
TIME Magazine began accepting Bitcoin and other 31 cryptocurrencies as payment for digital subscriptions in April. The effort was made possible by a collaboration between TIME and Crypto.com.
TIME’s Chief Technology Officer, Bharat Krish, noted at the time that adopting bitcoin as a payment method stemmed from the company’s digital transformation pledge to embrace new technologies and work closely with creative businesses like Crypto.com to bring its ideas to life.
Bitcoin is becoming a more common payment option among various businesses in a variety of industries, allowing customers to pay for products and services using cryptocurrency.