Musk has directed the team to develop a Twitter payment platform initially supporting fiat currencies.
SpaceX founder and Tesla CEO Elon Musk is going to make Twitter an ‘everything app’. In the recent announcement, he intended to introduce payments on Twitter making it a payment platform for everyone to use.
Musk bought Twitter for $44 billion last year. From the time he took charge of the company, there has been a rift in the headquarter that started with massive layoffs of nearly 50% of Twitter staff.
His plans to make Twitter more than just a social media platform started with the introduction of payments on Twitter which seems to challenge the existing payment solutions in the market.
The plan is to incorporate not just payments but also bring messaging, commerce and fintech services like peer-to-peer transactions, savings accounts, and debit card options to the platform.
According to the media reports, the company has started applying for regulatory licenses across the United States and has already commenced the development of the software required to introduce payments on its social media platform.
Despite new developments, Twitter’s advertising business seems to have taken a hit after Musk’s takeover with many advertisers announcing leaving Twitter because of several reasons some of which are more politically inclined.
Meanwhile, Musk is also open to adding cryptocurrency functionality to the payment service in the near future. In a podcast, he expressed the rise in crypto payments especially when the fiat starts to tumble during challenging times.
There has been no update on which cryptocurrency he will bring to the platform but the news gave a boost to DOGE which climbed by 4.48% after the news went on air.
Musk’s focus on Twitter will likely make it a more feature-rich platform integrated with crypto payments in the foreseeable future.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.