Substack, an online publishing platform, has integrated OpenNode’s Bitcoin API to offer a Bitcoin (BTC/USD) payment option on its platform. OpenNode disclosed this news via a press release on August 23, noting that this integration will see it power both on-chain and Lightning Network BTC payments. Reportedly, OpenNode and Substack seek to offer a select group of crypto-focused publications access to instant, low-cost payments.
According to the news release, this collaboration will also allow readers to use BTC to pay for subscriptions to access content on the select publications. While OpenNode did not disclose names, it said the publications would hold the BTC they receive. At the moment, Substack has over 500,000 paying subscribers, and the most popular writers on the platform make six figures in a year.
Nick Inzucchi, Substack’s Product Designer, commented on this development, said the BTC payment option would offer writers more freedom and versatility. He hinted at the company integrating more crypto payments options, saying the company is looking to do more in crypto to meet the needs of its writers.
Substack continues expanding despite being controversial
João Almeida, OpenNode’s Co-founder and CTO, pointed out that this partnership will allow content creators across the Substack ecosystem to accept Bitcoin payments. He added that they would have a choice to either hold or convert the BTC to a currency of choice. Almeida added that this joint venture aligns with Substack’s goal to offer creative and financial freedom because BTC fits into this picture perfectly.
Substack launched in 2017 and quickly became popular after getting backing from venture capital firms like Andreessen Horowitz, Y Combinator, and Fifty Years, among others. Earlier this year, the company secured $65 million (£47.30 million) in its Series B funding round to get a valuation of approximately $650 million (£473.00 million).
At the time, the firm said it seeks to expand the Substack Pro Program, which pays select writers an advance to help them launch mini publications. The company then takes the bigger part of a writer’s returns in the first year and then splits profits in the ensuing years. This approach has attracted a lot of noise, seeing as the company does not disclose the names of writers in the Substack Pro program. In addition, critics claimed this initiative favored anti-trans writers.
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