Billionaire businessman Elon Musk’s Twitter payment system will initially only support fiat currencies, but the CEO wants it to be compatible with cryptocurrencies in the future.
It is well known that Musk is a big supporter of digital tools, so it is no wonder that he wants to support their application in the company he bought last year. THE according to news the owner instructed his developers to build this system of the platform in such a way that it can be expanded with different crypto functions over time.
For the payment system, which is currently being designed, Twitter has begun the process of applying for regulatory approvals in the United States. With their help, they would enable the introduction of payments on the platform, and they hope that the process will be completed within a year.
As we reported back in December, the company leaked images that foreshadow the launch of a supposed Twitter Coin. This would be used for payment and tipping on the platform, and many hoped it would include cryptography. Later, however, new information came to light that, much to the crypto community’s dismay, made no mention of crypto or blockchain technology.
Previously, Musk also stated the possibility of users’ bank accounts being linked to Twitter profiles. Along with the integration of bank cards, the platform will be able to facilitate money transfers.
Musk projects $1.3 billion in revenue from Twitter by 2028 in terms of payments. It’s another move by the owner to make Twitter more profitable, including offering more paid features and laying off thousands of employees from the business.
It is worth mentioning that the price of Dogecoin has started to rise as a result of the news, and according to data from CoinMarketCap, it can be traded at $0.092 at the time of writing. On the other hand, this is not the first time that the price of the meme coin has started to increase following the publication of news related to Elon Musk. Dogecoin, for example, was able to enjoy a much larger increase from now on the news of the purchase of Twitter.