Elon Musk, the CEO of Twitter, has announced intentions to launch a payments system for Twitter in the near future, with the intention of integrating cryptocurrency into the system.
According to a report in the Financial Times, Elon Musk wants it to be “first and primarily” for fiat currency; but, it will be developed in such a manner that it will have the capability of integrating cryptocurrencies in the future.
Long before Elon Musk publicly stated his intention to transform Twitter into a “everything app,” the social media network dropped hints that it would allow users to make financial transactions on its site. In order to get into the payments sector in the United States, Twitter has already started seeking for the necessary regulatory permits.
Reportedly, Twitter stopped working on its cryptocurrency wallet in November 2022, which was also the month when the network was going through a period of widespread layoffs. The previous month, there were speculations going around that Twitter is contemplating the rollout of its very own native coin called “Twitter Coin,” which would be utilized for tipping and making payments on the network.
Dogecoin supporters have the most reason to be ecstatic about the unveiling of Twitter’s brand-new payment mechanism. The price of dogecoin skyrocketed in October 2022 as a direct result of Elon Musk’s takeover of Twitter. Due to the fact that Elon has a long history of supporting Dogecoin, the community thinks that Elon has ambitious goals in mind for the integration of the currency into the platform.
Compiled by Coinbold