Stripe Tests Crypto Payments on Twitter as First DOGE Transaction Sent Without Internet Access

Golden Dogecoin coin with a flame graphic surrounding the coin

During a volatile week for both the cryptocurrency and equity markets, blockchain innovation dominated headlines.

One of the world’s leading payment providers, Stripe, confirmed that it is set to begin testing a crypto-payment pilot with social media giant, Twitter – a company that is still deliberating a takeover bid from CEO & entrepreneur, Elon Musk.

Elsewhere, Musk’s influence continued to be felt as the first radio transmitted Dogecoin transaction was completed using SpaceX’s Starlink network. 

The entrepreneur’s second company, Tesla, also confirmed how much Bitcoin it continues to hold on its balance sheet.

Finally, in an encouraging twist for citizens of the Bahamas, the government released a new white paper encouraging the use of digital assets to pay for taxes.

  • Global payment provider Stripe tests crypto payments on Twitter
  • Tesla confirms it holds $1.26 billion worth of Bitcoin
  • The first Dogecoin transaction is sent via radio transmission
  • Fidelity Investments launches an education center within the metaverse
  • The Bahamas to allow citizens to pay taxes with cryptocurrencies

Global payment provider Stripe tests crypto payments on Twitter

The payments giant, Stripe, released a blog post on Friday confirming that it is expanding crypto payment options. Thanks to the new pilot with social media platform, Twitter, the company plans to increase the efficiency with which content creators get paid.

Via the company’s “Connect” service, Stripe aims to allow any business to offer users the ability to get paid in a range of digital assets. Twitter will be the first partner to test out this new offering. 

For any earnings accumulated via Twitter, through either Super Follows or Ticketed Spaces, some crypto-focused users will be able to get paid in the US dollar stablecoin, USD Coin (USDC).

According to Stripe’s crypto executive, Karan Sharma, Twitter content creators will be able to opt-in to Stripe’s Connect service. “Stripe will handle all crypto-related complexity and operations. No code changes are required, and platforms can avoid taking on the challenges of acquiring, storing, or transferring crypto themselves.” 

All USDC payments are set to be processed via the Polygon network, with users having the option to then bridge digital assets across to the Ethereum blockchain. 

The new crypto-payment service on Twitter will be in addition to the crypto-tipping service that the company integrated in September 2021. 

An image taken outside the front of Stripe’s offices in San Francisco

Tesla continues to hold $1.26 billion worth of Bitcoin

Tesla, the world’s largest electric car manufacturer, published earnings for the first quarter of 2022 on Wednesday. According to the report, the company continues to hold just over $1.26 billion worth of digital assets.

The company has enjoyed bumper growth over the last 12 months, reporting an 81% increase in revenue when compared to the previous year. The revenue in April 2021 was reported as $10.39 billion, whereas the total revenue in April 2022 jumped to $18.76 billion. 

The earnings were a surprise to many experts on Wall Street that had expected lower revenue figures as a result of the ongoing inflation pressures. 

It was during the first quarter of 2021 that the company acquired $1.5 billion worth of Bitcoin for the company’s balance sheet. The company then sold a small fraction in the second quarter of 2021 to test the liquidity of the market. Since then, the company’s Bitcoin holdings have not fluctuated.

While not yet keeping Dogecoin on the company’s balance sheet, in January, Tesla did begin accepting DOGE for specific products offered within its merchandise store. The CEO of Tesla, Elon Musk, has also openly admitted to personally holding Bitcoin, Ethereum, and Dogecoin.

Commenting on the earnings report, Musk, explained, “I’ve never been more optimistic and excited in terms of the future than I am right now.” The earnings report comes a week after Musk placed a $46.5 billion offer to buy the social media platform, Twitter.

Image of the Tesla logo with a golden Bitcoin sitting on top of it

First Dogecoin transaction sent via radio transmission

With the help of SpaceX’s global Starlink satellite network, Dogecoin developers have succeeded in sending the first Dogecoin transaction without using the internet. 

According to members of the Dogecoin Foundation, the meme cryptocurrency was sent over 800 miles via radio transmission. The transmission was facilitated by the RadioDoge protocol, Libdogecoin (a library of Dogecoin programs), and the Starlink satellite network, which was founded by entrepreneur and CEO, Elon Musk.

In a bid to make Dogecoin a more accessible cryptocurrency, the RadioDoge protocol was established with the aim of allowing Dogecoin transactions to be completed without the internet. 

There are still millions globally that cannot access the internet, including millions of Americans, therefore, RadioDoge was created to provide an answer for this group of users. Transactions are also far cheaper when sent via radio transmission than compared with an Internet Service Provider (ISP).

The news of the first transaction was confirmed by a tweet from Dogecoin developer, Michi Lumin, and was seen as a landmark step in Dogecoin’s history.

In the future, Dogecoin holders may simply need to be within proximity to a Starlink satellite to initiate and confirm a transaction on the network.

Tweet from Dogecoin developer, Michi Lumin, confirming that the first DOGE transaction via radio transmission had been completed.
Tweet from Dogecoin developer, Michi Lumin, confirming that the first DOGE transaction via radio transmission had been completed.

Fidelity Investments opens education center in the metaverse

One of the largest financial institutions in the world, Fidelity, has opened a brand new learning center within the metaverse. The firm currently manages $11.3 trillion worth of assets but sees the metaverse as a key area of focus for investors in the future.

According to reports, the new learning center, known as the “Fidelity Stack” has been created to encourage metaverse users to learn the basics of investing. The virtual reality building is eight stories tall and has been built within Decentraland – a blockchain-based metaverse world.

Alongside tips and advice on investing, Fidelity has dedicated an entire floor of the virtual offices to the company’s new Fidelity Metaverse ETF, which was announced by the firm during the week prior. The launch of Fidelity Stack on Friday coincided with the release of the new fund.

Fidelity follows both Goldman Sachs and JPMorgan, which have both opened offices and lounges within the Decentraland metaverse.

Image of the Decentraland metaverse viewed on a laptop

The Bahamas to allow citizens to pay taxes with cryptocurrencies

According to a report released by the Bahamas government, going forward Bahamians will be allowed to pay outstanding taxes with digital assets. 

The white paper documents how the Bahamas plans to accommodate cryptocurrencies over the next four years. By implementing this plan, the government hopes that the country can become a hub for digital asset development within the Caribbean. 

Alongside offering the ability to pay taxes with digital assets, the government also wants to increase the efficiency with which residents can purchase cryptocurrencies with the Bahamian dollar, and encourage the use of the country’s Central Bank Digital Currency (CBDC).

In October 2020, the country was the first in the world to formally introduce a CBDC, which was known as the Bahamian Sand Dollar.

To facilitate the upcoming changes, the country is set to form a Digital Asset Policy Committee and a Digital Advisory Panel. The Digital Asset Policy Committee will be headed by the country’s Prime Minister, Philip Davis, while the Digital Advisory Panel will be composed of digital asset experts from the cryptocurrency industry.

Commenting on the release of the white paper, Prime Minister Davis explained “We have a vision to transform The Bahamas into the leading digital assets hub in the Caribbean and a global leader in the progressive regulation of businesses in this profoundly innovative space. While we recognize the extraordinary opportunities afforded by digital assets, we also recognize the risks, and thus we emphasize the importance of effective regulation.”

Nassau, the capital city of Bahamas.
Nassau, the capital city of the Bahamas. 

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