It seems that Elon Musk has commissioned Twitter developers to create a new payment system for the platform, which allows cryptocurrencies to be easily integrated in the future. According to a recent Financial Times report, Twitter’s new payment feature will initially only support fiat currencies.
There have long been rumors of the introduction of a new payment system on the well-known social platform, in line with Musk’s plans to make Twitter an app with a wide range of functions: the “Everything App.”
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
In December, images were leaked online showing so-called “Twitter Coins:” digital assets that can be used for payments and tips on the platform. The crypto-community had been hoping for decentralized assets based on blockchain technology, but this does not appear to be the case, according to more recent leaks.
Also Read: Elon Musk Unveils Plans For Twitter 2.0, Dogecoin Rises By 20%
Unconfirmed rumors also surfaced in October that Twitter was working on its own wallet to make deposits and withdrawals of cryptocurrencies. However, it seems that, at least initially, the new payment system will only support fiat money. To this end, Twitter has started the process of applying for regulatory licenses in the United States: one of the two sources cited by the Financial Times believes that this process will be completed by the end of the year.
