• In June 2022, current Twitter owner Elon Musk said he would integrate cryptocurrency payments into the platform.
• A team is now working on the infrastructure for the payment platform, and Twitter is proceeding with regulatory approvals and registrations.
• The payment system will initially handle fiat currencies, with plans to add cryptocurrencies later.
Elon Musk’s vision for a payment system within Twitter is quickly becoming a reality. Seven months ago, the current owner of the social media giant hinted at his intention to integrate cryptocurrency payments into the platform. Now, sources have revealed that a team is actively working on the infrastructure for the payment platform and that Twitter is proceeding with the necessary regulatory approvals and registrations.
The project, which is being spearheaded by Elon’s lieutenant Esther Crawford, is currently in its early stages. According to the sources, Twitter is seeking the necessary financial licenses and registrations from several states. Once these are acquired, the payment system will be able to handle fiat currencies, with plans to add cryptocurrencies later.
The innovation is not completely out of the blue, as Twitter has been working on pilot programs for crypto tipping and NFT features since 2021, when former CEO Jack Dorsey was still at the helm. In April 2022, the company partnered with payments giant Stripe to test out some of these features.
It is expected that Twitter will be able to launch the payment system in the coming months. With the social media giant already having a strong foothold in the world of cryptocurrency, it will be interesting to see how Elon Musk’s vision will shape the future of payments.