Elon Musk advances support for integrated crypto payment system on Twitter Elon Musk advances support for integrated crypto payment system on Twitter
The CEO claims the move will allow for seamless transactions between users and make Twitter an everyday necessity.
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Updated: Jun. 17, 2022 at 1:46 pm UTC
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The possibility of Twitter integrating crypto payment surfaces after Elon Musk met with the employees
With Elon Musk at the helm of Twitter affairs, we might see the possibility of the social media giant integrating crypto payments. Details of his first meeting with Twitter employees seem to suggest such speculations.
As per the reports, the billionaire suggested a more direct payment system on the social media app. It came
Also, the CEO said such integration would aid the seamless money transfer between users. He further floated the idea of an integrated payment system allowing cryptocurrency transactions.
He went on to say:
“So the goal, my goal would be to maximize the usefulness of the service – the more useful it is, the better. And if one can use it to make convenient payments, that’s an increase in usefulness.”
Elon remarked that payments, like news and entertainment, are strategic areas to ensure high user activity. Thus, such broader integration will make users view Twitter as “something everyone wants to use.”
Prolonged Twitter Acquisition
On April 25, 2022, Twitter announced that it had reached an agreement with Elon for its acquisition for an estimated $44 billion. The move, upon completion, would see Twitter become a privately held company.
However, nearly two months after the announcement, the deal is yet to materialize.
The Tesla and SpaceX CEO has blamed the delay on Twitter’s not accurately disclosing the number of fake or spam accounts on the service.
Trouble looms ahead
As reported recently, Elon Musk has been slammed with a lawsuit after allegations of a “crypto pyramid scheme” involving Dogecoin surfaced. Also, the suit alleged the involvement of his companies, Tesla and SpaceX, in the pyramid scheme.
Further, Keith Johnson, who initiated the lawsuits, is seeking a $258 billion settlement after being “defrauded out of money.”
However, neither Elon Musk nor any of the two companies roped in the lawsuit have commented on the matter.
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Abdulrasaq Ariwoola
Abdulrasaq is a blockchain maximalist who believes that technology is necessary for the future we are heading to. He is an ardent researcher, and writer who uses his writings to inform about the prospects in the blockchain space. He spends his free time writing movie scripts and combing the corners of Quora.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
