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Editing by Nathaniel Cajuday
- Twitter CEO Elon Musk is now pushing the social media giant to be a payment center platform. As of now, the platform will target accepting fiat currencies, then will eventually add crypto functionalities.
- Currently, the firm is applying for regulatory licenses across the United States as well as designing the software, and working on the infrastructure of the new service that is required to introduce payments across the platform.
- With this initiative of the “DOGE Father” himself, $DOGE has currently gone up by 31% in the past month
Months after taking over the social media giant Twitter, Elon Musk is now pushing to turn it into a payments platform—initially, it will use fiat currencies, then eventually add cryptocurrency functionality.
As early as November, a month after taking over the company, Musk had already detailed his plans to enter the fintech and payments markets. Currently, the firm is applying for regulatory licenses across the United States as well as designing the software, and working on the infrastructure of the new service that is required to introduce payments across the platform. Twitter’s Director of Product Management, Esther Crawford, is in charge of overseeing Twitter’s payment products.
Musk expressed that this initiative will lead Twitter to become a fintech “everything app” that could offer services such as peer-to-peer transactions, savings accounts, and debit cards. Once their license in the U.S. is approved, the company stated that they look forward to expanding and gaining regulatory approvals internationally.
The plan was first exposed by security researcher Jane Manchun Wong after Wong found a “Twitter Coin” image and a “Coins” section in the platform’s “Tips” feature. Speculators emphasized that these discoveries suggest that Twitter may be planning to enter the cryptocurrency industry in the future.
Accordingly, as Musk has been an avid supporter of the meme coin Doge, the crypto is currently gaining traction following Musk’s Twitter plans. As of writing, $DOGE has currently gone up by 31% in the past month, according to the data from Coingecko.
$DOGE even reached ₱8.28 when Musk started heading Twitter, one of the all-time highs of the coin for the past year.
When Musk took over Twitter, Doge was also able to leverage the trend as it had gained a 21% increase. Aside from this, Doge was also able to spike in value in 2020 after Must announced that its automobile firm, Tesla, would start accepting DOGE for its merchandise and that SpaceX might soon follow the same. The announcement of Dogecoin integration into Tesla has made the value increase by as much as 33%.
The Twitter CEO has always been active and vocal in supporting the coin, and in 2022, he faced a $258 billion lawsuit that alleges that he ran a pyramid scheme with the meme crypto coin. The petitioner highlighted that Musk and his companies, SpaceX and Tesla, “are engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.”
Despite the lawsuit, Musk insisted that he will keep on buying and supporting the coin–which also made the coin go up in price by nearly 10%.
This article is published on BitPinas: DOGE Surges Anew As Elon Musk Pushes Twitter to Become Fintech, Payment App
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.