Elon Musk mulls over Bitcoin and crypto payments for Twitter in push for regulatory license


Share:
  • Elon Musk is expanding Twitter to everything app and applying for regulatory licenses so Twitter can operate across the US with payment functionality. 
  • Sources close to the matter revealed that fiat currency is first priority, but crypto functionality could be added soon. 
  • Musk has previously dabbled in Bitcoin at Tesla, industry experts believe the long-term goal for Twitter is to disrupt payments with PayPal-like features. 

Twitter recently started applying for payment licenses in the US. The social media giant’s Twitter Payments division headed by Esther Crawford is working on bringing crypto and fiat payments to the app. 

Musk has been a supporter of Bitcoin since February 2021 when electric car company Tesla bought $1.5 billion in Bitcoin. 

Also read: Is this the bullish signal that Ethereum holders are waiting for?

Elon Musk’s Twitter applies for a payment license in the US, another step towards “everything app”

Elon Musk is mulling the creation of an “everything app,” an application that offers a suite of services for users such as messaging, social networking, peer-to-peer payments and e-commerce shopping. 

WeChat boasts all features from messaging to shopping and payments like PayPal. Therefore adding payment tools to Twitter is Musk’s long-term vision. The social media giant has experience with crypto payments. Two months before Jack Dorsey stepped down as CEO, Twitter partnered with payments company Stripe to launch a Bitcoin tipping feature. 

Musk is mulling crypto payments for Twitter, pushing into payments that requireS a license with the US Treasury as a payments processor and applying for state licenses, with the goal of completing the process within a year.

Twitter has started applying for licenses in the US to allow the social media giant to support digital payments and generate revenue streams for Musk’s app. Twitter has eyes on regulatory clearance from several State agencies.

Musk’s head of Twitter payments, Esther Crawford is guiding her division on the creation of a vault system to house and secure user data. While Musk said that fiat currency is the platform’s first priority, sources close to the matter affirm that crypto functionality could be added soon.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?

Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?

Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.

More Cryptocurrencies news

SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players

SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players

US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.

More Cryptocurrencies News

Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns

Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns

The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.

More Cryptocurrencies News

Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?

Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?

BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC). 

More Binance Coin News

Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023

Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023

Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.

Read full analysis

BTC

ETH

XRP