Substack has taken another step toward its goal of supporting email newsletter creators -- it is now accepting Bitcoin payments on its online publishing platform, meaning that writers can get paid in cryptocurrency.
The company is working with OpenNode, a Bitcoin payment processor, integrating that firm’s Bitcoin API.
It’s no small thing: Substack claims over 500,000 paid subscribers.
"Having this option will give writers more flexibility and freedom, and we look forward to doing more in crypto to meet writers' needs,” says Nick Inzucchi, product designer at Substack.
It remains to be seen how many independent writers, who survive from check to check, will prefer Bitcoin over cold hard cash.
But the partnership will allow "content creators across the Substack ecosystem to accept Bitcoin payments, and retain earnings in Bitcoin or convert to preferred currency,” states João Almeida, co-founder and CTO at OpenNode.
This has been a busy summer for Substack. Last week, it announced that social critic Michael Moore will be publishing a newsletter on the platform. So will drag legends Trixie Mattel & Katya, whose offering will be called GOOPED.
Less than a month ago, Substack acquired Letter, a newsletter platform with many writers. And it has invited comic artists to come on board and send newsletters.
Here’s one more development: Substack has hired its first legal chief: Tim Hwang.