Twitter boss Elon Musk has instructed the developers of the social networking site to add the crypto payments feature if the need arises in the future.
Tesla CEO and head of Twitter Elon Musk is reportedly pushing his plans for Twitter Payments. The social media platform has reportedly ordered its developers to build their payment systems in such a way that cryptocurrency payments can be added at a later stage.
The billionaire owner wants such payment systems to be established for fiat currencies first, with crypto functionality added when the opportunity arises.
However, it is still unknown whether the aforementioned payments will use blockchain technology or cryptographic technology.
It should be noted that, as part of the plan to introduce an 'app for everything', Elon Musk wants Twitter to incorporate not only messaging, payments and commerce, but also fintech services such as peer-to-peer transactions, savings and debit accounts. cards
Twitter works on the necessary regulatory approvals
Reports suggest that Twitter has begun applying for regulatory licenses in the United States and has begun building the software needed to introduce payments to the social media platform, as the SpaceX chief seeks new revenue to turn around the business.
Twitter's $5 billion-a-year advertising business is said to have been struggling since Musk bought the social media site in October last year, as apprehensions grow regarding its content management and moderation.
Here, it is noted that Twitter had been exploring some paid features around tip makers and e-commerce, even before the Musk acquisition.
Following this news, Musk's favorite Dogecoin is up 4.48 percent at $0.09304 over the past 24 hours. Interestingly, the price of DOGE continues to be affected by Musk, with the meme coin witnessing a price increase when Musk is successful and the price decrease when the Tesla owner has difficulties.
