Twitter is reportedly pushing forward its efforts to introduce payments across the social media platform. In Elon Musk’s vision, the system would use fiat currencies at first, but may add crypto functionality later, the Financial Times reported on Monday.
The social media giant has been applying regulatory licenses and devising the software it needed to enable payments through the site, according to the report. Musk expects the payment system to be built so that crypto functionality could potentially be added at a later point, the report said, citing anonymous sources.
Twitter currently allows payments for some services, such as a paid subscription that adds a blue check mark to users’ accounts. Still, Musk has said that he 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,” according to the Financial Times.
The latest news revived some crypto enthusiasts’ hope that Twitter would provide more use cases for digital assets, especially for the meme token Dogecoin, of which Musk is a longtime backer. Dogecoin
briefly rallied more than 8% on Monday, before it fell to about $0.088, down 4% over the past 24 hours, according to CoinDesk data.
In June, Musk’s SpaceX started accepting Dogecoin for some merchandise, after Tesla Inc.
made a similar move in January 2022.