Elon Musk is moving forward with plans to bring payment functionality to Twitter, bringing another source of revenue to the struggling social media giant.
Although the technology will be primarily focused on fiat, it will be built so that crypto functionality can be added in the future.
Twitter and payments
What reported Per the Financial Times on Monday, Esther Crawford, Twitter’s director of product management, has been working with a small team to design the architecture to bring payments to the platform. She is now the CEO of Twitter Payments LLC.
The company has also been applying for state regulatory licenses in the US to be eligible for the task, after registering with the US Treasury as a payment processor in November. He hopes to be fully licensed in the US within a year and then expand internationally.
Musk has previously shown interest in bringing a suite of payment services to Twitter, ranging from peer-to-peer transactions to debit/credit cards, creating an “everything app” that makes payments, commerce and messaging easy. It would even allow people to buy products directly through the platform.
he is even mocked add a Dogecoin payment option to Twitter, although no similar plans have been confirmed yet.
According to The New York Times, an early Pitch Deck for investors last May showed that Musk planned to reign in $1.3 billion in revenue from Twitter payments by 2028. It represents another move by Musk to make Twitter more profitable, including check placement behind a paywall. and remove thousands of employees from the business.
Before Musk took over, Twitter was already exploring tipping and e-commerce features. ray based Bitcoin tips were included in these updates, with ether tips and NFT support soon after.
Dogecoin goes up again
Following Financial Times reports on the matter, Dogecoin briefly rose to a daily high of $0.091, before falling back to $0.086 within a few hours.
Dogecoin has a history of reacting to Elon Musk-related news, whether or not it is related to the specific meme coin. digital currency arose 22% ahead of Musk’s acquisition of Twitter, when he was moving into Twitter headquarters.
Musk has He suggested that Dogecoin is better than Bitcoin at handling transactions, due to its larger block size limit and faster block speed. He also regularly interacts with meme coin creator Billy Markus via Twitter.
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