Rumble to Introduce Bitcoin Tipping Services
Rumble, a publicly listed platform for video sharing, is set to incorporate Bitcoin tipping services, as revealed by CEO Chris Pavloski during a presentation at the Plan B Forum in Lugano, Switzerland. This new feature is being developed in collaboration with Tether, a prominent stablecoin issuer that has also invested significantly in Rumble.
Implementation Timeline and User Engagement
Full implementation of the tipping system is anticipated by early to mid-December, with current efforts focused on testing its functionality. Pavloski stated,
“We’re going to start rolling that out alongside Tether here in the coming weeks.”
The platform, which aims to differentiate itself from YouTube by championing free speech, reported a decline in active users, from 59 million in Q1 to 51 million in Q2 this year.
Opportunities for Bitcoin and Stablecoins
Tether’s CEO, Paolo Ardoino, noted that this move could unlock substantial opportunities for Bitcoin and stablecoins among Rumble’s diverse user base. He emphasized,
“This is one of the biggest user bases that would start adopting Bitcoin and stablecoins,”
highlighting the platform’s appeal to conservative content creators seeking an alternative to mainstream platforms.
Ardoino elaborated on the potential of Bitcoin and stablecoins to empower creators, particularly in both emerging markets and established economies like the U.S. He remarked,
“You can actually find use cases for Bitcoin and stablecoins that will secure creators from being debanked for their content.”
Collaborations and Financial Strategies
Additionally, Rumble is collaborating with MoonPay, a cryptocurrency payments company, to develop its proprietary crypto wallet, a move intended to further improve the user experience for creators. Rumble’s commitment to cryptocurrency has also led it to adopt a treasury strategy, with intentions to invest $20 million in Bitcoin. By March, it had already allocated $17.1 million to its BTC reserves, culminating in approximately $25 million in Bitcoin holdings by the end of Q2, as reported in its quarterly update.
Stock Performance
As for Rumble’s stock performance, shares of the company (RUM) saw a modest gain of 0.56% on Friday, closing at $7.14, although they remain down over 45% year-to-date.
Conclusion
Overall, Rumble’s partnership with Tether represents a significant step towards integrating cryptocurrency into the creator economy, promising to provide an innovative financial avenue for its users.
