Twitter Takes First Step In Bringing Crypto Payments to the Platform in Future
Twitter, the recently acquired social media house by billionaire Elon Musk, is now moving closer to makes payments a reality on the platform. Sources familiar with the matter also stated that the social media giant is now building the payment system in such a way that they could add crypto functionality in the future.
Twitter has been currently applying for payment licenses in the United States. The Twitter Payments division headed by Esther Crawford has been actively working for securing state-based regulatory licenses in the US.
“Twitter Payments LLC” has been already registered with the US Treasury Department’s Financial Crimes Enforcement Network, which would allow it to process payments.
During a recent Twitter Spaces event, Elon Musk discussed his vision of connecting bank accounts to Twitter profiles along with incorporating debit cards. Besides, he also discussed the platform ability to facilitate money transfers.
Once after securing US licenses, Twitter will work on getting regulatory approvals worldwide. Twitter chief Elon Musk has been a supporter of Bitcoin for a long time. Back in February 2021, Elon Musk’s electric carmaker Tesla purchased Bitcoin from the company’s reserve cash.
Furthermore, Musk has been an ardent supporter of the world’s largest memecoin DOGE. In fact, soon as Musk acquired Twitter last October, the Dogecoin community celebrated along with a strong rally in the DOGE price.
Besides, Elon Musk also recently shared his vision about the “everything app”. This applications would offer its users a suite of service including social networking, peer-to-peer payments and e-commerce shopping.
The payments feature of the everything app will initially support fiat currencies. However, it’s been designed in a way that can easily integrate cryptocurrencies in future when required.
During the last month of December 2022, some leaked images also touted the possibility of Twitter Coins coming to the market in future. These digital assets could be used either for payments or tips on the platform.
Also, there were rumors last October that Twitter has been working on a wallet prototype in order to support crypto deposits as well as withdrawals. While it’s too early to claim that Twitter would integrate crypto payments anytime soon, one thing is sure that social media platform is working on a strong payment infrastructure and crypto can’t be ruled out.