Elon Musk is looking to evolve Twitter by integrating a payment solution into the social network. Billionaire Elon Musk has repeatedly shown interest in cryptocurrencies and plans to integrate cryptos into his “super app” project.
The Financial Times reported that a team is currently working to turn Twitter into a payments platform by turning the platform into a neo-bank with P2P transfers, debit cards and savings accounts. This initiative is part of Elon Musk’s “super-app” development plan.
However, before launching its services, Twitter needs to get the necessary licenses from regulators in the United States and also plans to launch its payment services internationally. The hope is that this could generate over $1 billion in revenue for Twitter by 2028.
Musk still wants to integrate cryptocurrencies into Twitter, according to the Financial Times. The platform’s payment system is expected to be built on fiat currencies, but cryptocurrency-related features could be added later.
Indeed, two sources close to the matter reported by the Financial Times said that Twitter’s digital payment system will be designed in such a way as to allow the addition of cryptocurrency payment features in the future.
Previously, Elon Musk considered integrating Dogecoin (DOGE) with Twitter, before stating that the technological limitations of blockchain did not allow for such a system to be built at this time.
The crypto project for Twitter is still going on in the head of Elon Musk, the billionaire is still thinking of combining Twitter and cryptocurrency in an application. It could then soon be possible to make transactions in cryptocurrency on the social network.