Twitter is currently on the path to building a payment system for the platform, although, the new owner of the platform wants fiat currencies to take precedence, crypto payment is likely to follow, according to sources.
In the report by Financial Times on January 30, citing sources with knowledge of the matter, Twitter’s payment feature will use fiat currencies but crypto integration may be rolled out later.
Recall that in November MyCryptoParadise had earlier reported of likely Twitter crypto integration after the revelation of Musk’s slide deck regarding his presentation to Twitter staff at that time, as per the deck, crypto payment appears to be a part of the plans of Twitter in its payments system.
Also last month, there was a report of Musk looking to launch a Twitter coin, Twitter code extracted by a security researcher Jane Manchun revealed at that time.
In addition to the crypto payment hints, the Financial Times report also included Twitter’s current move regarding the application of state-based regulatory licenses across the US, an application that will let the company introduce a payment system to the social media platform.
A source added that Twitter is hoping that the licensing process is completed within a year.
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Dogecoin React to the News as Expected
Before the prominent Twitter user Elon Musk acquired the microblogging platform Twitter, he had at a time suggested the use of crypto as payments for Twitter services, specifically Twitter blue subscription. Since then, quite a lot of enthusiasts of crypto, especially the holders of the popular meme coin Dogecoin, have been anticipating crypto integration on Twitter.
“I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and fiat currency as well as crypto — essentially, whatever somebody would find useful,” Musk noted during the first all-hands meeting with Twitter’s staff.
Following the recent Twitter payment plans report by the Financial Times, Dogecoin soars by 6%, as per data by Coingecko.
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