Known for his penchant for cryptocurrencies, Elon Musk, who is now the CEO of the Twitter app is seen to have applied for a regulatory license in the United States to introduce a payment system that could include Bitcoin (BTC) and other cryptocurrencies, according to a Financial Times report (31/1/ 23).
Twitter is working on its payment system
Previously, the Twitter app prioritized fiat payments, but now, Musk has instructed his development team to open up the possibility of intrating cryptocurrencies into Twitter’s payment system in the future. Quoting from the Financial Times, Musk has ambitions to make Twitter an “everything” application.
According to GeekMetaverse (31/1/23), two sources with knowledge of this told British media that the social media company, owned by billionaire Elon Musk, has applied for a regulatory license in the United States to introduce peer-to-peer (P2P) payments and transactions. ) on those platforms. The media also noted that Twitter is working on software related to payment processors to be launched as soon as possible.
Esther Crawford, an executive at Twitter, confirmed that a dedicated team had developed the architecture needed to make this project happen. Furthermore, this payment system aims to increase the company’s revenue stream, related to changes made to its operating system. In November 2022, Twitter was found to have requested information to register with the Financial Crimes Enforcement Network (FinCEN), an agency tied to the Department of Finance, which regulates payment services and financial transactions in the United States.
On several occasions, Elon Musk, as the owner of Twitter, has also stated that he wants a social media, where users can make all transactions, which include financial services, transactions between users, use of debit cards and crypto currency.
Twitter’s Journey In Adopting Crypto
According to the GeekMetaverse report, in 2022, Elon Musk never refused to integrate fiat money and cryptocurrency payments into Twitter. At the time, Musk said,
Before reportedly applying for a regulatory license in the United States, the Twitter application had already launched a new feature called “Coins” and “Awards”, allowing users to reward content creators who share interesting content in the form of coins. At the time of the launch of the two features, some Twitter workers were still hesitant to say that Twitter was starting to adopt crypto. Read more on Now Playing Twitter Can You Get Crypto Coins?
Even so, some time before the launch of the Coin and Awards feature, Twitter has included the $Cashtag feature, where Twitter users can find out the price index of crypto coins such as ETH and BTC. In addition, Musk has also talked about the possibility that Twitter will accept payments in Dogecoin (DOGE) currency in 2022. And most recently, in late January 2023, Musk said he would be willing to advertise on television if McDonald’s accepted Dogecoin as a means of payment.