Elon Musk mulls over Bitcoin and crypto payments for Twitter in push for regulatory license
|- Elon Musk is expanding Twitter to everything app and applying for regulatory licenses so Twitter can operate across the US with payment functionality.
- Sources close to the matter revealed that fiat currency is first priority, but crypto functionality could be added soon.
- Musk has previously dabbled in Bitcoin at Tesla, industry experts believe the long-term goal for Twitter is to disrupt payments with PayPal-like features.
Twitter recently started applying for payment licenses in the US. The social media giant’s Twitter Payments division headed by Esther Crawford is working on bringing crypto and fiat payments to the app.
Musk has been a supporter of Bitcoin since February 2021 when electric car company Tesla bought $1.5 billion in Bitcoin.
Also read: Is this the bullish signal that Ethereum holders are waiting for?
Elon Musk’s Twitter applies for a payment license in the US, another step towards “everything app”
Elon Musk is mulling the creation of an “everything app,” an application that offers a suite of services for users such as messaging, social networking, peer-to-peer payments and e-commerce shopping.
WeChat boasts all features from messaging to shopping and payments like PayPal. Therefore adding payment tools to Twitter is Musk’s long-term vision. The social media giant has experience with crypto payments. Two months before Jack Dorsey stepped down as CEO, Twitter partnered with payments company Stripe to launch a Bitcoin tipping feature.
Musk is mulling crypto payments for Twitter, pushing into payments that requireS a license with the US Treasury as a payments processor and applying for state licenses, with the goal of completing the process within a year.
Twitter has started applying for licenses in the US to allow the social media giant to support digital payments and generate revenue streams for Musk’s app. Twitter has eyes on regulatory clearance from several State agencies.
Musk’s head of Twitter payments, Esther Crawford is guiding her division on the creation of a vault system to house and secure user data. While Musk said that fiat currency is the platform’s first priority, sources close to the matter affirm that crypto functionality could be added soon.
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