Elon Musk wants Twitter payments system built with crypto in mind

Twitter main Elon Musk has reportedly instructed his developers to physique the platform’s payments strategy successful specified a mode that crypto functionality tin beryllium added successful the future.

According to a Jan. 30 Financial Times report, 2 radical acquainted with Twitter’s plans said the payments diagnostic volition enactment fiat currencies to commencement but beryllium built to accommodate cryptocurrencies should the accidental arise.

Twitter has agelong teased bringing payments to the societal media level — forming portion of Musk’s stated plan to marque Twitter an “everything app.”

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However, it has remained vague arsenic to whether these payments volition impact blockchain oregon crypto technology, contempt the Twitter CEO seeing a big relation for crypto connected Twitter.

In aboriginal December 2022, images were leaked revealing “Twitter Coins” — a concealed in-development integer plus to beryllium utilized for payments and tipping connected the platform, with galore hopeful it would impact crypto successful immoderate way.

However, the much recently leaked images of the task successful aboriginal January made nary notation of crypto oregon blockchain exertion overmuch to the dismay of the community.

Unconfirmed rumors besides emerged successful October past twelvemonth that Twitter was working connected a wallet prototype that would enactment crypto deposits and withdrawals.

However, it appears for the clip being, the payments strategy volition spell up with lone fiat support.

To that end, Twitter has begun the exertion process for state-based regulatory licenses crossed the United States that would let it to present payments to the platform.

One of the sources said the institution hopes the U.S. licensing process volition beryllium completed wrong a year.

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In November 2022, “Twitter Payments LLC” registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) which would let it to process payments.

In a Twitter Space astir the aforesaid time, Musk said helium envisioned allowing slope accounts to beryllium connected to Twitter profiles and incorporating debit cards on with the level being capable to facilitate wealth transfers.

Following the aboriginal support of the U.S. licenses, Twitter would oculus gaining regulatory approvals internationally according to 1 of the sources.