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The Financial Times has reported that Twitter is looking for regulatory approvals to permit payments on its site. Elon Musk, the company’s CEO, wants to build an “everything app” and diversify the company’s revenue streams.
Twitter wants to introduce support for cryptocurrencies at a later time, although it will initially only accept currency payments. The Financial Times article caused a 7% increase in the price of Dogecoin (DOGE), a cryptocurrency. However, some of its outstanding advantages have since been reduced.
The CEO of Twitter Payments and director of product management at Twitter, Esther Crawford, is leading a small team that is designing the platform’s payment architecture and building a vault to store and safeguard user data.
Twitter has already started applying for the state licenses needed to launch the service and registered as a payment processor with the US Treasury. Within a year, the company hopes to finish the regulatory procedures and begin its global expansion. Concerns exist nonetheless regarding the difficulties and expenses associated with adopting new technology, adhering to rules, and winning over customers. Venmo, Cash App, and Zelle are just a few of the competitors entering the payments market. There will also be intense regulatory monitoring.
After Elon Musk closed his Twitter deal in October, the price of Dogecoin skyrocketed. The meme coin has been quite sensitive to Musk’s actions and remarks. However, the price of the satirical cryptocurrency plummeted in early November after Twitter abandoned rumored plans to offer a crypto wallet under Musk’s leadership. It’s unclear whether Twitter will finally add support for Dogecoin, but it appears that the sensational billionaire hasn’t given up on the crypto for now.
