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Microblogging site, Twitter is gearing up to push the social media platform into the payments space. Reportedly, Elon Musk, Tesla CEO and Twitter’s new chief has directed its developers to build its payment systems in such a manner that cryptocurrency payments may be added at a later stage. What does this mean for the crypto industry?
Crypto adoption seems to be gaining ground at a rapid pace. In 2022, digital assets hit a new milestone with the number of crypto owners reaching 425 million during the year. Despite a turbulent previous year, the overall number of crypto owners worldwide grew almost 39%. According to the report, it is estimated the global cryptocurrency ownership rate will increase at an average of 4.2%, this year. Multi billion dollar firms such as HSBC, JP Morgan, Microsoft, Google and Facebook among many others have already embarked on the crypto journey.
Twitter All Set to Welcome Crypto Payments
According to a new report, Twitter is pushing forward its efforts to introduce payments across the social media platform. The social media platform has already started applying for the necessary regulatory licenses alongside developing the requisite software needed to enable payments through the website. Musk wants the payment systems to be first laid out for fiat currencies and later for crypto functionality, when the opportunity arises.
The report stated that Esther Crawford, Twitter product management director, is working on the payment system logistics and has formed a small team regarding the new development. It seems the tech billionaire wants Twitter to provide fintech services such as peer-to-peer transactions, savings accounts and debit cards, in an effort to turn Twitter into an “everything app”.
How will Crypto Benefit from the Move?
This is not the first time Musk has considered crypto as a payment method. Earlier, he had announced that his aerospace company, SpaceX and automobile firm, Tesla will be accepting Dogecoin (DOGE) as a payment option. The latest news has reignited a positivity among crypto enthusiasts anticipating that Twitter would provide more use cases for digital assets. The move would also give cryptocurrencies a conspicuous mainstream presence.
On January 10, it was revealed that Twitter is also developing a “Coins” feature that will allow users to pay with fiat to receive virtual Coins that can be redeemed to give users “Awards” for content.
Twitter is working on Coins purchasing screen
On the web, Twitter Coins purchase will be done through Stripe https://t.co/RFpWswnZfG pic.twitter.com/eAzPWjfoye
— Jane Manchun Wong (@wongmjane) January 10, 2023
Following the news, Musk’s favourite, Dogecoin (DOGE), jumped nearly 8% in one day. According to CoinMarketCap, the memecoin is up 6.48% in the last 24 hours to trade at $0.091. DOGE rose 3.25% over the past seven days.