Twitter is building a payments system with the potential to add crypto, seeking US regulatory licenses.
- Elon Musk reportedly instructed Twitter’s developers to build the platform’s payments system with the capability to support crypto in the future.
- The payments feature will initially support fiat currencies but be built to incorporate cryptocurrencies later.
- Twitter has long been teasing the idea of bringing payments to the platform as part of Musk’s plan to make Twitter an “everything app.”
- Twitter has started applying for state-based regulatory licenses in the US to introduce payments to complete the process within a year.
- The Twitter Coins images leaked in December sparked hopes of the involvement of crypto technology. Later in early January, more images were leaked which did not mention the incorporation of crypto or blockchain.
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- Earlier in October, rumours emerged that Twitter was working on a crypto wallet prototype.
- “Twitter Payments LLC” registered with FinCEN in November to process payments.
- Musk has said he envisions connecting bank accounts to Twitter profiles, incorporating debit cards, and facilitating money transfers.
- Upon approval of US licenses, Twitter plans to gain regulatory approvals internationally.
