Elon Musk's Twitter Goes Cashless with Cryptocurrency Payment Option
Twitter has acquired legal and regulatory licenses in the U.S
The payment system will accommodate digital currencies and fiat.
According to Financial Times, Elon Musk is pushing to obtain regulatory and legal licenses to push via the Twitter payment system plan Elon musk's move to radicalize Twitter into a social payment and messaging platform will utilize a technology that accommodates both fiat and virtual currencies.
According to Elon Musk, the platform would initially support payment and peer-to-peer transactions in fiat the technology will be developed to house crypto payment.
The FT report expresses that Esther Crawford a senior executive under Elon Musk's Twitter management is responsible for laying out the details concerning Twitter's payment system plan she is working with a small team of experts to realize the objective.
Elon Musk's decision to incorporate a payment system on the social media platform is part of a strategic plan to increase Twitter's revenue streams besides advertisement.
Elon Musk express that Twitter would expand its services to include financial derivatives like peer-to-peer-transaction saving accounts and debit cards Elon registered Twitter with the U.S Treasury in Nov to facilitate and process payments.
In 1999 Elon musk co-founded PayPal to process peer-to-peer transactions and online payments the platform quickly rose to popularity, especially among online freelancers working remotely.
FXC intelligence indicates the platform facilitates payment as thousands of users share links to third-party payment platforms like PayPal. Currently, Twitter has 500 million monthly active users it's a step to have cryptocurrencies that will bring crypto closer to mass adoption.
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