June 1, 2023


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Elon Musk wants Twitter payments system built with crypto in mind

2 min read

Twitter chief Elon Musk has reportedly instructed his builders to construct the platform’s funds system in such a means that crypto performance will be added sooner or later.

In accordance with a Jan. 30 Monetary Instances report, two folks conversant in Twitter’s plans mentioned the funds function will help fiat currencies to start out however be constructed to accommodate cryptocurrencies ought to the chance come up.

Twitter has lengthy teased bringing funds to the social media platform — forming a part of Musk’s stated plan to make Twitter an “every thing app.”

Nevertheless, it has remained imprecise as as to if these funds will contain blockchain or crypto expertise, regardless of the Twitter CEO seeing a big role for crypto on Twitter.

In early December 2022, images were leaked revealing “Twitter Cash” — a secret in-development digital asset for use for funds and tipping on the platform, with many hopeful it might contain crypto not directly.

Nevertheless, the extra recently leaked images of the challenge in early January made no point out of crypto or blockchain expertise a lot to the dismay of the group.

Unconfirmed rumors additionally emerged in October final yr that Twitter was working on a wallet prototype that might help crypto deposits and withdrawals.

Nevertheless, it seems in the intervening time, the funds system will go forward with solely fiat help.

To that finish, Twitter has begun the applying course of for state-based regulatory licenses throughout america that might enable it to introduce funds to the platform.

One of many sources mentioned the corporate hopes the U.S. licensing course of will probably be accomplished inside a yr.

Associated: The ‘Elon effect’ shows how opinion leaders shape the fintech market

In November 2022, “Twitter Funds LLC” registered with the U.S. Treasury Division’s Monetary Crimes Enforcement Community (FinCEN) which might enable it to course of funds.

In a Twitter Area across the similar time, Musk mentioned he envisioned permitting financial institution accounts to be related to Twitter profiles and incorporating debit playing cards together with the platform having the ability to facilitate cash transfers.

Following the longer term approval of the U.S. licenses, Twitter would eye gaining regulatory approvals internationally in line with one of many sources.