Twitter Needs Cash: Is Elon Musk Betting on Crypto Payments?
Twitter has applied for licenses in the U.S. to develop software to facilitate payments, according to the Financial Times.
Twitter has applied for licenses in the U.S. to develop software to facilitate payments, according to the Financial Times. The news comes from two insiders inside the company.
Besides a new payment infrastructure, the team is designing a "vault to store and protect user data", according to the insiders. All in all, it looks like Twitter is working on a brand-new wallet feature.
Making payments possible via the microblogging platform is a crucial part of Elon Musk's plan to find new revenue streams for the social platform, which has been financially tight for some time, Musk himself says. Twitter's advertising business valued at about $5 billion per year has collapsed; Musk had even talked about insolvency himself in public. It is still unclear whether the payment software runs on blockchain or crypto technology.
CEO Elon Musk fueled the rumor mill even before the takeover. "It would make sense to roll out a payment feature on Twitter. Whether it's traditional currency or crypto," the 50-year-old said. In addition to ideas like Dogecoin transactions and an integrated wallet feature, Musk talked about releasing Twitter's code and implementing NFTs for select users. Recently crypto prices and cashtags have already been integrated on the social platform.
