1. Elon Musk is planning to introduce cryptocurrency as a Twitter payment method.
2. A hidden digital asset “Twitter Coins” is under development for tipping and payments on the platform.

Elon Musk, the CEO of Twitter, reportedly instructed his developers to plan the platform’s payment system so that users could later add crypto capabilities.

According to two sources familiar with Twitter’s plans, the payments feature would initially support fiat currencies, according to a Financial Times article from January 30. To accommodate cryptocurrencies, though, if the need arises, it will be built in.

As part of Elon Musk’s declared goal to turn Twitter into an “everything app,” the social media network has long hinted at accepting money.

Although the Twitter CEO sees a significant role for cryptocurrency, it is still being determined if these payments will use blockchain or cryptocurrency technologies.

Images of “Twitter Coins,” a hidden digital asset under development for tipping and payments on the site, were first seen in early December. Many speculated that the digital asset would somehow involve cryptocurrency.

To the web3 community’s surprise, he mentioned neither cryptocurrency nor blockchain technology in the project’s recent leaks from early January.

Twitter was rumored to be working on an unconfirmed wallet prototype. Payments will remain in the currency for now. US regulators approved Twitter’s application to implement payments. Insiders say the company expects to finish licensing in a year.

During the month of November, Twitter Payments LLC registered with the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department, allowing it to accept payments.

Around the same time, Musk revealed his plans to integrate debit cards at a Twitter Space event. These plans enable bank accounts to be linked to Twitter profiles and allow money transactions.

Posted Date: May 26, 2023