Andreessen Horowitz-supported digital publishing platform Substack has announced its partnership with OpenNode, a leading Bitcoin payment processor, to integrate its Bitcoin API and offer Bitcoin payments for its online publishing platform.
According to a press release distributed by Substack, the partnership aims to provide instant, low-cost payments that are available “to select groups of crypto-oriented publications.” According to OpenNode, they will offer both on-chain BTC and Lightning Network BTC payments and transactions. Substack says that for the selected number of publications activated with BTC payments, the same publications may choose to withhold their earnings in Bitcoin.
“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. Authors and podcasters have flocked to Substack to regain creative and financial freedom, and Bitcoin is a natural fit, “said OpenNode co-founder and CTO João Almeida.
Substack has grown into a niche platform that has grown to over 500,000 paying subscribers. The platform has become popular because of the incentives it provides to writers and thought leaders who post on its user-friendly space. Substack was founded in 2017 and is supported by the aforementioned venture capital company Andreessen Horowitz (a16z), Y Combinator and Fifty Years, among others.
“We are excited to partner with OpenNode to enable independent publishers on Substack to accept crypto payments,” said Substack product designer Nick Inzucchi. “This option gives writers more flexibility and freedom, and we look forward to doing more in the crypto space to meet writers’ needs,” he added.
OpenNode’s secure and reliable payment processing and payout services for enterprise customers offer a range of robust solutions: from on-site payment buttons to built-in checkout flows, as well as plug-ins for e-commerce sites to optimize API integration. OpenNode believes that Bitcoin is “the best decentralized payment network in the world” and that the Lightning Network is proof that it is scalable.