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Patreon to explore expansion into crypto realm

Patreon executives once more teased their firm’s growth into the world of crypto at a 2021 Creator Economic system Summit by The Info panel. Patreon CEO Jack Conte appeared with chief product officer Julian Gutman, saying:

“I actually love the concept of creators proudly owning their media and proudly owning their content material. […] I really like the concept of shifting energy away from establishments and towards particular person inventive individuals.”

Conte famous that whereas the platform doesn’t presently have full-time workers centered on cryptocurrency, it was contemplating hiring them. Gutman went on to say, “I feel for us, actually pondering by way of how we’re persevering with to make sure we’re making a sustainable recurring future for creators is why we’re evaluating the crypto house extra broadly.”

These statements follow final month’s announcement that the corporate was in search of suggestions from its shoppers about the potential for launching a breator coin/social token. On a reside stream, Patreon head of coverage Lauren Crentshaw stated:

“We have heard from quite a few creators who’ve been within the alternative to supply unique memberships and advantages to their patrons by way of a coin or token, a digital merchandise that they will maintain onto that reveals that they’re a part of your fan membership.”

Patreon’s present phrases of service particularly prohibit utilizing the platform to promote cryptocurrencies outdoors of the sphere of non-public funding recommendation.

In 2019, libertarian discuss present host Dave Rubin switched from Patreon to accepting donations in Bitcoin because of what he perceived as censorship on the platform’s half. Final month, Twitter rolled out a crypto donation characteristic that built-in with many web-based functions, together with Patreon.

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