Under Elon Musk, anything can happen on Twitter. This time, the tweet site intends to support cryptocurrencies very soon.
Twitter and cryptocurrency
According to the Financial Times, Twitter has begun legal and regulatory procedures to obtain licenses for its payment system framework. The payment system will initially accommodate fiat currencies and then cryptocurrencies.
And that step by Elon Musk, to turn Twitter into a social network for communication and message with a flexible payment system that can accept both traditional and virtual currencies.
Currently, Twitter allows users to pay for some services such as a paid blue subscription that adds a blue checkmark to user accounts.
But Musk wants to expand, which is why he said he wants Twitter to provide financial technology services. This includes peer-to-peer transactions, savings accounts, and debit cards.
Apparently, the new owner wants to turn the social network into an integrated application similar to the Chinese WeChat.
According to the newspaper, Musk said the platform will initially support peer-to-peer payments and transactions in traditional currencies. After that, the technology will be developed to add crypto payments at a later date.
Esther Crawford is a senior manager at Twitter. Musk put him in charge of putting together the details of the payment system plan on-site.
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The decision of the richest man in the world to add a payment system on the social media platform is part of a strategic plan to increase the revenue streams of the tweets site, which comes with a very large percentage of advertising.
Finally, the founder of Tesla and SpaceX has experience with propulsion systems. Especially since he participated in the establishment of the famous electronic bank Paypal, which succeeded wonderfully. And with 500 million active Twitter users. It will be successful and easy and will make the platform able to compete strongly with other networks.