Rumble, the video streaming platform, will introduce cryptocurrency tipping for its 51 million monthly users starting in mid-December. This new feature will allow users to tip content creators using Bitcoin (BTC), Tether's USDT stablecoin, and Tether Gold (XAUT).
Key Takeaways
- Rumble will enable Bitcoin, USDT, and Tether Gold tipping for its 51 million monthly users in December.
- The feature will integrate with Rumble Wallet, a non-custodial wallet built into the platform.
- Tether, a major investor in Rumble, partnered on this development to promote stablecoin adoption.
- Rumble also holds 210.8 BTC as part of its treasury strategy.
New Crypto Tipping Feature Rolls Out
The announcement came during the Plan ₿ Forum held in Lugano, Switzerland. Rumble's integrated, non-custodial Rumble Wallet will facilitate these transactions. Users will soon be able to send tips directly to their favorite creators.
David Freiheit, a lawyer and content creator, was the first to receive a Bitcoin tip through the new system. Rumble shared this information on its official X account. The company is also running a promotional sweepstakes through October, offering users a chance to win 1 BTC.
Quick Fact
Rumble has 51 million monthly active users, making it a significant platform for this new crypto integration.
Tether's Strategic Partnership
Tether, the stablecoin issuer, played a crucial role in developing this new feature. Tether holds a substantial stake in Rumble, owning approximately 48% of the company after a $775 million investment last year. This partnership aims to expand the use of stablecoins.
"The aim there is to prove how we can convert [Rumble's] 51 million [monthly] active users, mostly in the United States, to use stablecoins within the U.S., the most sophisticated country nation for financial rails," said Paolo Ardoino, Tether's CEO, at Singapore's Token2049 conference.
Ardoino previously stated that Tether plans to leverage its connection with Rumble to promote the adoption of its U.S.-compliant stablecoin, USAT. While USDT is Tether's flagship product, it does not meet the U.S. GENIUS Act regulations. USAT is designed to comply with these specific U.S. standards.
Rumble's Bitcoin Treasury Strategy
Beyond facilitating crypto payments, Rumble also maintains a Bitcoin treasury. The company holds 210.8 BTC, which is valued at approximately $23.6 million. This information comes from data available on BitcoinTreasuries.net.
This treasury strategy highlights Rumble's broader embrace of digital assets. It positions the platform not just as a content distribution channel but also as an entity with a direct interest in the crypto ecosystem.
What is a Stablecoin?
A stablecoin is a type of cryptocurrency designed to maintain a stable value, often pegged to a fiat currency like the U.S. dollar. This stability makes stablecoins useful for transactions and reducing volatility compared to other cryptocurrencies like Bitcoin.
Impact on Content Creators and Users
The introduction of crypto tipping could offer new monetization avenues for content creators on Rumble. It provides an alternative to traditional payment methods, potentially offering faster transactions and lower fees, depending on the network conditions.
For users, this feature offers more flexibility in how they support creators. It also introduces a segment of the audience to cryptocurrency transactions, potentially increasing overall crypto adoption, especially for stablecoins like USDT.
- Creator Benefits: New income streams, potential for lower transaction costs.
- User Benefits: More payment options, exposure to digital assets.
- Platform Growth: Attracts crypto-savvy users and creators.
The Broader Crypto Landscape
This move by Rumble reflects a growing trend of integrating cryptocurrencies into mainstream platforms. Other companies are also exploring digital asset solutions.
For example, Crypto.com is seeking a federal charter from the Office of the Comptroller of the Currency (OCC). This aligns them with other major players like Coinbase and Ripple in pursuing regulatory approval in the U.S. financial system. JPMorgan also recently estimated that Coinbase's Base token could be worth as much as $34 billion.
Internationally, Kyrgyzstan is planning to launch its own stablecoin on the BNB platform and is developing a Central Bank Digital Currency (CBDC) in partnership with an advisor to Changpeng Zhao. These developments show a global push towards various forms of digital currency integration.
The mid-December launch of Rumble's crypto tipping is set to be a notable step in expanding the practical application of digital assets for everyday transactions and creator support.
