Elon Musk's social network is moving towards its goal of becoming the world's largest financial institution. Will there be a dedicated space for cryptocurrency payments?
This year, Twitter has been preparing to become a financial institution, and according to its owner Elon Musk, it will be the largest in the world.
Musk said in March that his social media company was applying for money transmitter licenses to integrate convenient payment methods into the social network and thus become the largest financial institution globally.
Well, these plans are beginning to take shape because Twitter has just received 3 licenses that bring it closer to this goal.
The states of Michigan, New Hampshire and Missouri have granted the social media company money transmitter licenses that will allow it to offer payment services to its more than 550 million registered users, according to data from Statista.
The licenses were granted to Twitter's subsidiary, Twitter Payments LLC.
Will cryptocurrencies be included in Twitter's payment services?
Although Twitter does not mention cryptocurrencies in its plans to become the largest financial institution, Musk had flirted several times with the possibility of integrating them into the social network to facilitate peer-to-peer (p2p) transactions and cross-border payments.
Let’s remember that one of the biggest advantages offered by cryptocurrencies is the possibility of faster and cheaper transactions without geographical limits. Thus, the Financial Times reported in January that Musk had instructed his team of developers to leave open the possibility of integrating cryptocurrency payments into Twitter in the future. This is part of his plan to make the social platform a “superapp for everything.”
Dogecoin, Elon Musk's favorite
Dogecoin, the widely praised meme cryptocurrency from the billionaire Twitter owner, may have a place reserved for it on the social network, although this has not been revealed or confirmed yet. However, Musk has dropped several hints suggesting that DOGE payments could become a reality on the social network.
In November, shortly after acquiring Twitter, Musk hinted that Dogecoin could be integrated into the platform. In April, the billionaire momentarily changed the typical blue bird logo of Twitter for that of DogecoinHe has also made other insinuations, such as posting a photo of his pet Floki, which the community relates to the cryptomeme for being a Shiba Inu dog, wearing a white t-shirt with the social network's logo and mentioning that the cost of the Twitter Blue subscription could be paid with DOGE.
In addition to this, the fact that other companies of the billionaire, such as SpaceX, accept payments with DOGE strengthens the community's expectations of seeing the cryptomeme among the payment methods accepted on the social platform. microblogging.
There have also been rumors that Twitter could launch its own cryptocurrency and create a digital wallet, something that could open up new possibilities for Twitter and its users, reinforcing the development and innovation of the platform.
Continue reading: Elon Musk plans to turn Twitter into the world's largest financial institution
