An integration with the OpenNode payment processor will allow the content platform, Substack, to accept Bitcoin payments on-chain through the Lightning Network.
In a Monday ad, OpenNode said it partnered with Substack “to make it easier for writers and publications to receive payments in Bitcoin.” According to OpenNode and Substack, the integration will only be available to “a select group of cryptocurrency-focused posts” on the platform.
The publishing platform, which allows writers to submit their work directly to readers, has more than 500,000 paid subscribers, with the most popular writers reportedly earning more than six figures annually. Select Substack readers will be able to pay for their subscriptions at Bitcoin (BTC), and some publications will be able to keep their earnings also in cryptocurrencies.
The Substack Product Designer, Nick Inzucch hinted that the platform could expand its cryptocurrency payments offering to other writers in the near future in an effort to give them “more flexibility and freedom.” A number of prominent figures in the crypto space currently post using Substack, including analyst Willy Woo and Kraken’s growth leader, Dan Held.
Founded in 2017, Substack is backed by venture capital firms Andreessen Horowitz, Y Combinator and Fifty Years, among others. Following a funding round in March led by Andreesen Horowitz, the platform has a valuation of about USD 650 million.