Report: Elon Musk’s Payments Vision for Twitter Takes Shape, Small Team Tasked to Build Infrastructure

Seven months ago, existent Twitter proprietor Elon Musk said, anterior to acquiring the societal media giant, helium would integrate cryptocurrency payments. According to sources, a squad is moving connected the infrastructure for a outgo platform, and Twitter is proceeding with regulatory approvals and registrations.

Elon Musk’s Plan for Twitter Payment System Advances, Adding Cryptocurrency Later

Elon Musk appears to beryllium proceeding with plans to integrate a outgo strategy into Twitter. According to sources cited by the Financial Times (FT), Elon’s lieutenant, Esther Crawford, is moving connected logistics and has formed a tiny team. Musk has antecedently stated his volition to make a outgo system, and successful mid-June 2022, the existent Twitter proprietor mentioned the integration of cryptocurrencies.

“I deliberation it would marque consciousness to integrate payments into Twitter truthful that it’s casual to nonstop wealth backmost and forth, and fiat currency arsenic good arsenic crypto — essentially, immoderate idiosyncratic would find useful,” Musk elaborate during the archetypal all-hands gathering with Twitter’s staff.

Sources quoted by the FT connected Jan. 30, 2023, accidental Twitter is besides seeking regulatory registrations and authorities licenses. Those acquainted with the taxable said Twitter has started applying for fiscal licenses successful respective states. The FT work besides reports that Musk appointed Crawford to the presumption of CEO of Twitter Payments. According to the FT sources, the outgo strategy volition initially grip fiat currencies, with plans to adhd cryptocurrencies later.

Before Musk took implicit Twitter, erstwhile CEO Jack Dorsey introduced a beta crypto tipping work and NFT features successful 2021. In April 2022, Twitter worked with payments elephantine Stripe connected piloting crypto payments. In November 2022, Bitcoin.com News reported that Twitter registered with the U.S. Financial Crimes Enforcement Network (FinCEN) to legally process funds. During a Twitter Spaces audio podcast, Musk said helium could spot Twitter offering wealth marketplace accounts and debit cards.

However, elder equity expert and payments adept Lisa Ellis from Moffettnathanson LLC told the FT that firms look galore regulatory hurdles erstwhile becoming a outgo company, causing galore to discontinue aft archetypal attempts. “Many [tech companies] experimentation and past springiness up,” Ellis said. “They find the semipermanent concern and risk, with imaginable fines for issues and the request for perpetually licensed compliance infrastructure, to beryllium a burden.”

What bash you deliberation of Elon Musk’s imaginativeness to integrate payments into Twitter? Do you deliberation it volition beryllium palmy oregon look challenges similar different tech companies? Share your thoughts astir this taxable successful the comments conception below.

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