Substack, an online content platform through which writers can make money from subscriptions, has integrated bitcoin as a payment option.
The option is currently available only "to a select group of crypto-focused publications," a Substack spokesperson told The Block, adding: "We're looking forward to exploring broader availability depending on feedback and demand."
The crypto-focused publications with the bitcoin acceptance option include those from Willy Woo and Dan Held, an OpenNode spokesperson told The Block. Substack has partnered with OpenNode, a bitcoin payments processor, for the initiative.
"We're excited to introduce this option, even at a small scale to start," the Substack spokesperson said. "Bitcoin payments are fast, convenient, and secure, with low fees. We use the Lightning Network for transactions, [which are] even faster than credit cards."
Substack will accept bitcoin both on-chain and via the Lightning Network, which is designed to make small amounts of bitcoin payments cheaper and faster.
Founded in 2017, Substack is backed by notable investors, including Andreessen Horowitz (a16z), Y Combinator, Fifty Years, and others. The platform has raised over $80 million in funding to date, according to Crunchbase. It claims to have more than 500,000 paying subscribers.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.