Elon Musk may develop Twitter Payments to boost microblogging network revenue.
In October 2022, Musk bought the company for $44 billion, increasing interest in crypto payments.
microblogging network, Elon Musk appears to be going forward with the launch of Twitter Payments.
Elon Musk is continuing to implement his grand scheme for Twitter payments. In an effort to create alternative revenue streams outside of advertising, corporations in the United States has started the application process for state licenses. The 51-year-old business tycoon has said that, for the time being, he prefers to use fiat currency for payments on Twitter but promises that cryptocurrency capability will be implemented soon.
Earlier, as the conversation was being live-streamed on Twitter, Tesla CEO Elon Musk gave a thorough outline of Twitter's strategy to enter the payments market during a meeting with Twitter advertisers. In the not-too-distant future, users will be able to send and receive money on Twitter, withdraw money to verified bank accounts, and potentially even be offered a high-yield money market account to entice them to deposit money there. This is according to Twitter's new owner.
Users of cryptocurrencies have been waiting for the platform to accept the payment of digital assets for a while now. For "Twitter Blue" subscribers, the platform already supports tips submitted via Ethereum, Bitcoin, and the Lightning network. It also supports NFT avatars.
The company was purchased by Musk for $44 billion in October 2022, which raised the amount of interest in the introduction of cryptocurrency payments. According to the documentation submitted for the transaction, many blockchain companies, including Binance, provided equity to support Elon's significant acquisition.
Esther Crawford has been named by Musk to the post of CEO of Twitter Payments, the division of the business in charge of creating payment systems for the social network. By the year 2028, Twitter projects that this business will generate $1.3 billion in revenue. Almost immediately after the news, altcoins like Mask Network (MASK) and dogecoin (DOGE) saw a substantial price boost.
