- Twitter files applications and prepares to enable crypto payments.
- Elon Musk wants Twitter to become the next “everything app” after WeChat.
Following the acquisition of Twitter by Elon Musk, plans to begin crypto payments surface. Prior to this announcement, Elon Musk announced that blue-tick-verified users on the bird-bird app would pay a monthly fee of $8. The business mogul has successfully created an extra revenue stream for the platform. Recent reports show that Twitter has filed paperwork to process payments.
After Musk acquired Twitter for $44 billion, the platform received several notable developments. The American entrepreneur is actively re-designing the social platform to suit his vision. Recently, the new administration announced its plans to set up a content moderation council, which might reinstate banned Twitter accounts. The former Twitter administration banned several Twitter users, including former US president Donald Trump.
Twitter has made the news poll for massive layoffs, resignations, and changes to its Blue subscription services for a while. In fact, Musk and his advisers plan to make users pay before sending direct messages to celebrities on the platform. The recently-added revenue options show there are a lot more to come.
During an address on his business plan for Twitter, the world’s richest man said:
The rate of evolution of Twitter will be an immense step change compared to what it has been in the past. You know, if nothing else, I am a technologist and I can make technology go fast. And that’s what you’ll see happen at Twitter.
Which cryptocurrency will Twitter support for crypto payments?
According to the New York Times, Twitter filed paperwork that would allow it to process crypto payments soon. The new development will boost the development of the platform significantly. Twitter’s filing is in accordance with a binding law that states;
Businesses that conduct money transfers, exchange currency, or cash checks are required to register with FinCEN (Treasury Department’s Financial Crimes Enforcement Network) and to report suspicious transactions to the agency.
The revenue system will commence as soon as Twitter successfully processes its filing for crypto payments. However, the social media company did not provide any hint on which cryptocurrency would be enlisted. Will Dogecoin, Cardano, or Stellar Lumens come on board? Or only top-rated cryptocurrencies? There are speculations that BNB might make the list, considering the $500M investment made by Binance to Elon Musk’s Twitter deal.
The Twitter boss is exercising his energy and statics to make Twitter the next “everything app” after WeChat. WeChat is a popular Chinese social media platform used by over a billion people to find news, book cabs, order food, and lots more. This process is not impossible for the billionaire, having achieved similar feats at the early stage of his career. Elon Musk is a successful businessman who has transformed several companies, and there is no doubt that he is moving big on his latest acquisition.