- Twitter will initially integrate with fiat and later accept digital assets as a form of payment.
- Twitter has made several hires in the software development team to build Musk’s ‘super app’ that can process payment.
A report by media outlet Financial Times (FT) has noted that Elon Musk’s social media giant Twitter Inc. has begun applying for regulatory licenses across the United States to offer fintech services such as peer-to-peer transactions, savings accounts, and debit cards. According to people who spoke with FT, Twitter will initially integrate with fiat and later accept digital assets as a form of payment.
With Musk’s unwavering huge support for the Dogecoin ecosystem, the Doge community hopes the meme lord will be among the first to be integrated. Consequently, the Dogecoin price has rallied by over 6 percent in the past 24 hours to trade around $0.09387 on Tuesday. Interestingly, Bitcoin and Ethereum prices have dropped by a margin of approximately 4 percent in the past 24 hours.
Crypto is here to stay: Elon reiterates
The tech billionaire and his conglomerate of billion-dollar companies have invested over $44 billion in the Web3 and crypto industry in the past few years. According to the recent Tesla quarterly report, the company holds Bitcoins worth about $184 million.
However, it is the ‘everything app’, of which Twitter is part, that has made huge attention from the tech billion on blockchain technology. According to Musk, the acquisition of Twitter will help accelerate his everything app – more or less like WeChat – to about three years.
Reportedly, Twitter has made several hires in the software development team to build Musk’s ‘super app’ that could process payment. As such, Musk will be aiming to compete with the likes of Venmo, Cash App, and Zelle. However, this will not be Musk’s venture into the payment industry as he co-founded PayPal Holdings before he sold it for millions of dollars to fund other ventures.
BREAKING: Elon Musk submits license applications so Twitter could become a payment processor.
I would love to see PayPal go bankrupt.
— Collin Rugg (@CollinRugg) January 30, 2023
Twitter aims to increase revenue collection with diversification to payment infrastructure projects. Reportedly, Musk wants the social media giant to bring in about $1.3 billion in payments revenues by 2028.
“Twitter is already a platform on which payments happen, so it’s kind of a no-brainer,” said Lucy Ingham, head of content at FXC Intelligence.
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Doge price action
The meme lord is expected to be the biggest beneficiary in the crypto market following the Musk integration of digital assets as a form of payment. As such, some crypto analysts forecast the meme lord is headed to last December’s high of around $0.11 and perhaps continue to $0.155.
Nonetheless, a bullish sentiment could be invalidated should the meme lord retrace from current levels in the coming days. A correction could push the Doge’s price to $0.068, where solace support can be provided.
