Twitter moving ahead with payment processing service; crypto integration may come later Twitter moving ahead with payment processing service; crypto integration may come later
Twitter has started applying for licenses through both state and federal regulators and would also seek regulatory approvals internationally.
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Updated: Aug. 6, 2023 at 1:44 am UTC
Duncan.Hull / CC BY-SA 4.0 / Wikimedia. Remixed by CryptoSlate
Twitter CEO Elon Musk has enlisted a small team to explore how the social media giant could pivot towards digital payments and processing, which could include crypto, the Financial Times reported.
The initiative is reportedly being spearheaded by Twitter’s director of product management, Esther Crawford, who led the recent and controversial introduction of Twitter Blue, its $8 “blue tick” subscription service.
Citing staffers with knowledge of the plan, FT reported that Twitter has started applying for licenses through both state and federal regulators and would also seek regulatory approvals internationally.
FT reported that while Musk would initially like the payment service to focus on fiat, he hopes a second layer would allow for crypto integration.
The plan also includes new software for storing and protecting the user data that would be included in the system.
Prior to Musk’s takeover of Twitter in October 2022, the company was looking into ways it could create a tipping system for content creators and popular influencers who used the site.
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Dorian Batycka
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
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X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.