Elon Musk is making progress with the implementation of his grand scheme for Twitter payments. In an effort to diversify its sources of income beyond only advertising, the firm has started the application process for state licenses in the United States. The business magnate, who is 51 years old, has declared that, for the time being, he wants to use fiat money for payments on Twitter. However, he supports the addition of cryptocurrency capability in the very near future.
Earlier, at a meeting with Twitter advertisers, Tesla CEO Elon Musk presented an in-depth review of Twitter’s plan to join the payments market while the discussion was being live-streamed on Twitter. Twitter was also one of the attendees at the meeting. The new owner of the social media platform has made hints that, in the not-too-distant future, users will be able to transfer money to one another on the platform, withdraw their funds to verified bank accounts, and possibly be offered a high-yield money market account to encourage them to transfer their cash to Twitter. These features are expected to be rolled out in order to attract more users to transfer their cash to Twitter.
Users of cryptocurrencies have been patiently waiting for the platform to accept digital asset payments for a considerable amount of time. The site already offers support for tips that are made using Bitcoin over the Lightning network, utilizing Ethereum, and NFT avatars for users who subscribe to the “Twitter Blue” service.
Users of cryptocurrencies flock to Musk’s New Twitter Account
There has been an increased degree of expectation for the deployment of cryptocurrency payments ever since October 2022, when Musk purchased the firm for $44 billion and became the new owner. The records that were submitted for the deal also stated that a number of blockchain companies, such as Binance, donated shares to increase Elon’s enormous purchase. Those documents were filed on the day that the transaction was finalized.
Esther Crawford has been appointed to the role of chief executive officer for the payments division, and Musk anticipates that the income generated by the firm will equal $1.3 billion by the year 2028. Alternate cryptocurrencies like Dogecoin (DOGE) and Mask Network (MASK) both experienced huge price increases nearly immediately after the news was made.
