Crypto payments on Twitter – What are Elon Musk’s plans?
Twitter intends to integrate payment solutions into its services and begin its transformation into the “super app” dreamed of by Elon Musk. And it seems that these ambitious plans leave the door open for the use of cryptocurrencies. What does the future of social networks look like? Elon Musk is keeping an eye on cryptocurrency payments […]
Twitter intends to integrate payment solutions into its services and begin its transformation into the “super app” dreamed of by Elon Musk. And it seems that these ambitious plans leave the door open for the use of cryptocurrencies. What does the future of social networks look like?
Elon Musk is considering cryptocurrency payments for Twitter
The possible arrival of payment solutions to Twitter has been discussed for many months, especially since Elon Musk’s difficult beginnings at the head of the social network. This is now a crucial issue for the company, who needs to find new sources of income. Built almost entirely on advertising, these collapsed after the arrival of the billionaire.
According to the Financial Times, a group is currently working to make Twitter a payment application. The idea would be to turn the platform into a neo bank peer-to-peer transfers, debit cards as well as savings accounts. Thus, Twitter will be the backbone of “X”, the future super program that Elon Musk wants to develop.
But for this you need to show your credentials to the regulators. The company, which is already registered with the US Treasury, is currently in the process of obtaining the individual government licenses needed to start operating in the US. Later, Twitter intends to launch international payment services. These initiatives can provide an opportunity to create a company By 2028, it will generate more than $1 billion in revenue – this is Elon Musk’s hope anyway.
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Room for cryptocurrencies?
According to sources cited by the Financial Times, the billionaire has not completely given up either the idea of integrating cryptocurrencies with Twitter. Thus, the new system will be based on fiat currencies, but functions related to cryptocurrencies may be added later.
Recall that Elon Musk originally considered Dogecoin (DOGE) integration Twitter services – despite not having bought the platform yet. Since then, he has said that blockchain’s technological limitations prevent him from building a system of this magnitude at this time.
That’s why cryptocurrencies can be the result may be integrated into future Twitter features, along with fiat currencies. As for the long-awaited “Twitter Coin”, it will likely be based on Reddit’s “corners” model. Therefore, the social network is experimenting in all directions to find its new model.
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Source: Financial Times – Image: NVIDIA Corporation via Flickr (CC BY-NC-ND 2.0)
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A journalist at Cryptoast, I fell into the cauldron of cryptocurrencies a few years ago. I’m passionate about innovative technologies stemming from blockchain and I love finding the crunchiest information to share with you.
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