After acquiring Twitter, Elon Musk continues its plans for payment solutions for the last social. The company has officially launched various applications in the USA in order to earn different incomes in addition to advertising revenues. In the recent statement, fiat money will be used for payments for now. However, as soon as possible cryptocurrency Payments are also expected to be activated.
Elon Musk Pushes For Twitter Payments
Elon Muskprovided a comprehensive overview of Twitter’s strategy to get into the payments business. Explaining his views on the live broadcast, Musk stated that users want to activate money transfer and withdrawals using the social network. This means that new features are coming for the network.
Cryptocurrency users have been waiting for the platform to support digital asset payments for a while. The platform currently provides support for tips using Bitcoin over the Lightning network, Ethereum usage and NFT avatars for “Twitter Blue” subscribers.
After Musk acquired the company for $44 billion in October 2022, the level of anticipation for the implementation of cryptocurrency payments has increased. Documents filed for the transaction also showed that multiple blockchain firms such as Binance contributed equity to support Elon’s massive acquisition.
Musk has appointed Esther Crawford as chief executive officer of the payments division and estimates revenue from the business will reach $1.3 billion by 2028. Altcoins such as Mask Network (MASK) and Dogecoin (DOGE) witnessed a significant price increase right after the announcement.