The online publishing platform enables its independent publishers to accept crypto payments from more than 500,000 paying subscribers
According to a press release yesterday, the publishing platform Substack is now accepting payments in Bitcoin. The platform achieved this by integrating a Bitcoin API from the Bitcoin payment processor OpenNode.
Substack’s product designer Nick Inzucchi commented: “We are excited to partner with OpenNode to enable independent publishers on Substack to accept crypto payments. This option will give writers more flexibility and freedom, and we look forward to doing more in the crypto space to meet writers’ needs. “
Founded in 2017, Substack is home to independent publishers and their readers, and has more than 500,000 paying subscribers. The project was previously invested by well-known donors such as Andreessen Horowitz, Fifty Years and Y Combinator.
OpenNode Co-Founder and CTO João Almeida stated: “Our partnership will enable content creators across the Substack ecosystem to accept Bitcoin payments and retain income in Bitcoin or convert it to a preferred currency. Writers and podcasters have flocked to Substack to regain creative and financial freedom, and Bitcoin is a natural fit. “
Since 2018, OpenNode has been offering companies withdrawal solutions such as streamlined APIs, payment buttons, e-commerce plug-ins, and hosted checkouts so they can securely accept instant Bitcoin payments.
OpenNode’s Bitcoin API will enable Substack to accept Bitcoin payments both in the chain and over the Lightning Network.
Lightning fast payments
The Lightning Network is a decentralized Layer 2 protocol that is built on top of the Bitcoin network and uses the smart contract functionality to improve the scalability of the blockchain and reduce transaction costs.
While Bitcoin can only process seven transactions per second, with an average block confirmation time of around 10 minutes and a variable average transaction fee that exceeded $ 60 earlier this year, the Lightning Network can process at least 1 million transactions per second, can process them almost instantly and at negligible fees.