• Twitter is working on introducing a payments service to its platform, which could extend support to cryptocurrencies.
• Elon Musk, CEO of Tesla, wants the platform to provide users with services such as savings accounts, offering debit cards, and more.
• Following the news, Dogecoin (DOGE) registered a rise in its value of over 3 percent in the past 1 hour.
Twitter, the popular social media platform, is taking a step towards introducing a payments service that could extend support to cryptocurrencies. The project is spearheaded by Esther Crawford – chief executive of payments at Twitter – and the team is reportedly designing a vault for storing and protecting users‘ information, which will be collected by the payments platform.
The news was welcomed by Elon Musk, CEO of Tesla and the self-proclaimed “Dogefather”. Back in October 2022, Musk revealed his grand plan for Twitter – to make it an everything app. He wants the platform to offer financial services such as savings accounts, offering debit cards, and more. Musk also wants the payments platform to be fiat centric, but built in a way that it could extend support to cryptocurrencies in the future.
Twitter had previously registered itself as a payment processor with the US Treasury Department in November 2022. The firm also expects to complete all the licensing procedures by the end of this year.
The news resulted in a rise in the value of Dogecoin (DOGE), Musk’s go-to cryptocurrency. According to CoinMarketCap, the meme-coin was trading at $0.0911 at press time. Since the news broke, DOGE recorded a rise of over 3 percent in the past 1 hour and had a market capitalization of over $12 billion.
The news is a sign of progress and it could be the start of a revolution in the crypto space. If Twitter successfully implements the payments service, it could be a game changer as it would open up a whole new avenue for cryptocurrency adoption.