- Twitter is ready for payments, and bitcoin may be in the mix.
- According to a Financial Times report, Elon is open to adding BTC and crypto to Twitter’s payment vision.
- While the “super app” vision will prioritize fiat, the future will include alternative payment methods.
Elon Musks Twitter has reportedly started applying for a regulatory license in the US in apparent preparation to start facilitating payments through the app.
A person close to the company said that Twitter “has begun to map the architecture needed to facilitate payments on the platform with a small team,” which may include functions for cryptocurrency payments, the Financial Times reported.
According to the FT’s source, Musk has stated that he wants Twitter to serve fiat payments first, but created with the ability to enable cryptocurrency later. This won’t be the first time Elon Musks business has facilitated bitcoin transactions. Musk had previously accepted bitcoins for Tesla electric vehicles, but later withdrew the ability due to concerns about renewable energy.
Although there are no firm plans to implement this interoperability, Musk has reiterated since taking over the social media company that he wants to see it become a common “super app”. This multifunctional approach will greatly benefit from the increased functionality of low-cost, fast payments using platforms like the Bitcoin Lightning Network.
Twitter previously tested “tipping” through the Bitcoin Lightning Network through Jack Mallers’ Strike, later added the ability for users to add Bitcoin addresses to receive tips directly.