The Financial Times said the social media platform has designed and applied for a license to bring payments to the platform as part of Elon Musk’s effort to turn Twitter into a ‘super app’. After this news, the price of altcoin, which is expected to be one of the payment instruments, saw a vertical rise.
Altcoin price jumped after Twitter development!
Twitter is designing a system that will allow payments through its social media platform. The billionaire owner of the social media giant, Elon Musk, wants it ‘first of all’ for fiat currencies, the Financial Times reported on Monday. But it doesn’t rule out the ability to add cryptocurrencies later, either. Elon Musk’s relationship with the popular meme coin Dogecoin (DOGE) is well known in the cryptocurrency market. On this news, the altcoin price recorded a vertical rise. However, it later gave back a significant portion of its earnings.
As we mentioned, Elon Musk’s request is for Twitter payments to focus ‘first and foremost’ on fiat currencies. However, it will be built to allow for crypto capabilities to be added later. The report states that Twitter is working to enumerate the necessary regulatory approvals to integrate payments into the platform, including future crypto capabilities.
Citing people familiar with the company’s plans, the FT says the social media platform has applied for a license as part of Elon Musk’s effort to turn Twitter into a ‘super app’ and is designing the software needed to bring payments to the platform.
Meanwhile, the project is spearheaded by Esther Crawford, head of payments at Twitter. The team has reportedly designed a vault to store and protect user information that will be collected by the payment platform. Also, Musk announced plans to bring payment services to Twitter in October 2022. The Tesla CEO wants Twitter to offer financial services like savings accounts, offering debit cards, and more. His big plan for Twitter is to make it the everything app.
Tesla did not touch the Bitcoin investment
cryptocoin.com As we reported, Elon Musk’s Tesla continues to hold Bitcoins (BTC). According to the recently announced Q4 report, the firm did not buy or sell any Bitcoin in the final months of 2022. However, Bitcoin assets have recorded some losses, with the cryptocurrency losing $33 million from Q3.
Tesla’s BTC value was $184 million in Q4, compared to $218 million in Q3. The company first invested in BTC in 2021. However, the firm sold more than 75% of its $1.2 billion investment by mid-2022.
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