Cryptocurrency payments on Twitter – What are Elon Musk’s plans?
Twitter aims to integrate payment solutions into its services, and begin its transformation into the “super-app” dreamed up by Elon Musk. And it seems that these ambitious plans leave the door open to the use of cryptocurrencies. What might the future of social networking look like? Elon Musk Minds Cryptocurrency Payments […]
Twitter aims to integrate payment solutions into its services, and begin its transformation into the “super-app” dreamed up by Elon Musk. And it seems that these ambitious plans leave the door open to the use of cryptocurrencies. What might the future of social networking look like?
Elon Musk Considers Cryptocurrency Payments for Twitter
The possible arrival of payment solutions on Twitter has been discussed for months, especially since the difficult beginning of Elon Musk at the head of the social network. This is now an important issue for the company, which had to find new sources of income. These, which are based almost entirely on advertising, have fallen since the arrival of the billionaire.
According to information reported by the Financial Times, a team is currently working to turn Twitter into a payment application. The idea is to turn the platform into a neo bank, with peer-to-peer transfers, debit cards, as well as savings accounts. Twitter will be the backbone of “X”, the future super-app that Elon Musk wants to develop.
But for that, you have to show your credentials to the regulators. Already registered with the US Treasury, the company is currently in the process of obtaining the individual state licenses needed to launch in the United States. Afterwards, Twitter aims to roll out its payment services globally. These initiatives can enable the company to generate over $1 billion in revenue by 2028 – this is in any case the hope of Elon Musk.
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Room for cryptocurrencies?
According to sources cited by the Financial Times, the billionaire did not completely give up either the idea of integrating cryptocurrencies with Twitter. The new system will be made in fiat currencies, but functions related to cryptocurrencies may be added later.
As a reminder, Elon Musk originally considered a Dogecoin (DOGE) merger on Twitter services – even though he hasn’t bought the platform yet. Since then, he has said that the technological limitations of the blockchain do not allow at the moment to build a system of that size.
Cryptocurrencies may eventually integrate into future Twitter features, along with fiat currencies. As for the long-awaited “Twitter Coin”, it will probably be built on the Reddit “corner” model. The social network is therefore 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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