Twitter is submitting paperwork to get ready for crypto payments.
Elon Musk has stated his desire for Twitter to rival WeChat as the universal “everything app.”
Twitter will function similarly to PayPal in that it will accept payments from linked bank accounts and debit cards.
After acquiring Twitter, Elon Musk is planning to launch a payment service on the social media network, putting him in competition with PayPal.
Twitter has applied to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to be a money services company. Twitter Payments LLC filed its application to become a money transmitter on November 4, 2022. In its application, Twitter states its intent to offer payment services in the United States and several foreign countries.
Musk also held a Twitter Spaces audio broadcast on Wednesday to put advertisers’ minds at ease after companies like GM and Volkswagen temporarily stopped their Twitter advertising campaigns after he took over. Musk talked about modeling Twitter after his first startup, PayPal, in terms of its ability to handle payments via linked bank accounts and debit cards.
Twitter to Support Dogecoin (DOGE) Payments?
In the wake of Musk’s $44 billion acquisition of Twitter, the platform has undergone a number of significant changes. The American business mogul is working hard to make changes to the social network so that it fits his tastes perfectly. Still, despite what its supporters hoped, Musk’s takeover has not yet led to any big changes for Dogecoin, which is his favorite meme coin.
The original joke coin has been having a hard time since the recent crypto market carnage. According to Coinmarketcap, Dogecoin is presently down 40% over the past week and is trading at $0.083 per coin.
In October, Dogecoin touched $0.12 on the back of reports that Musk had closed a $44 billion agreement to acquire Twitter. Documents suggested he was working on a “wallet prototype” that would handle deposits and withdrawals of cryptocurrencies.
A week later, however, tech journalist Casey Newton of Platformer revealed that any plans for a wallet were put on hold, effectively putting an end to the “Musk pump.”
On the Flipside
Musk’s views on Twitter payments may not be appropriate for advertisers, who are already leery of the company’s long-term commitment to their interests given its foray into subscriptions.
Why You Should Care
If Musk is successful in his quest to transform Twitter into the “everything app,” the company’s entry into the payments market will be a major milestone along the way. Additionally, the billionaire will be returning to the very foundation of his success. Musk started the online bank X.com in 1999. In 2000, it was taken over by a brand-new company that would later become PayPal.