On the 30th of January 2023, Documenting Bitcoin shared details of Twitter’s attempts to add payment features possibly including DOGE to their platform.
₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: Twitter has officially started the regulatory process to add payment features in the United States! @Elonmusk recently explained, "There's a role for crypto in the future. It’s a no-brainer for Twitter to have payments in both fiat and crypto" pic.twitter.com/f71EZFa1LP
— Documenting ₿itcoin 📄 (@DocumentingBTC) January 30, 2023
According to Documenting Bitcoin, Twitter has started regulatory processes to add payment features to their US-based users. And this is not the first time the platform has spoken about it.
Back in 2021, the former CEO of Twitter, Jack Dorsey shared plans to allow users to tip content creators and receive payments from their followers.
Introducing tipping and subscription features were geared toward increasing revenue sources for the platform. Now Twitter is registering its payment processing subsidiary called Twitter Payments LLC. The process began last year with the aim of becoming a “money transmitter”. If it gains state-level approval with the license to operate in the US, it intends to be fiat focused.
In an interview with Elon Musk the owner of Twitter, he made it clear that Cryptocurrencies are the future of payment. In his opinion, almost all money is digital, the only difference between digital currencies and Cryptocurrencies is the centralization or decentralization of the currency. Thus Twitter Payment LLC aims to be both fiat-focused and crypto-focused. The intention is to design the payment platform in a way that would enable crypto asset functionality in the near future.
Giving users more value for their crypto asset would attract more users to the platform, and provide more income sources for Twitter. This news has also affected the value of DOGE, as speculations are spreading that DOGE would be added as a payment option, leading to even more utility and a bullish rally for the currency.
Some users believe that Twitter Pay would have difficulty attracting users, or standing out against competitors like Venmo, without the help of cryptocurrencies. Yet with Twitter’s track record with launching Blockchain and Web3 functionalities, there’s little doubt that the social media platform would continue increasing its support for crypto assets.
In January 2021, Twitter users were allowed to display their NFTs as profile pictures on their Twitter accounts. Then Twitter Tiles was launched, allowing users to display, list, and trade NFTs housed on different Blockchains and marketplaces.
The recent updates on Twitter’s website added a feature that allows users to check the prices of stocks and Cryptocurrencies like Bitcoin and Ethereum. And with Musk at the helm, we are expecting even more Twitter support on NFTs and the crypto space.