Listen to Podcast:
Elon Musk’s Twitter is reportedly working on becoming a place where people can pay for things. This is the latest example of throwing everything at the wall and seeing what sticks.
People who know about the company’s plans told the Financial Times(Opens in a new window) that Elon Musk wants Twitter users to be able to buy things and send money to each other. Even though Musk says he loves cryptocurrencies, the system will be mostly based on fiat payments. However, cryptocurrencies could be added in the future.
#Twitter is working on integrating crypto payments after #ElonMusk files for the microblogging platform to become a financial services company. While #Dogecoin’s community awaits Twitter’s next steps, a $DOGE influencer designed a tip jar https://t.co/SSrBQw8ih6
— PMC Can Help! (@PMCCANHELP) January 16, 2023
Twitter is already making a way for people to give awards to other creators. But for these new features to work, the company will have to pass a lot of regulatory checks. According to the Financial Times, Twitter is already registered as a payments processor with the U.S. Treasury. The company has also started the process of getting the licenses it needs in the U.S.
This will take time. The report says that Twitter hopes to finish licensing in the U.S. within a year. After that, the company will probably try to get the regulatory approvals it needs to grow internationally.
Esther Crawford, Twitter’s director of Product Management, is in charge of this new project. She seems to have done well in Elon Musk’s “extremely hardcore” work environment. The Financial Times calls Crawford Musk’s “fast-rising lieutenant.” Shortly after Musk took over Twitter, Crawford posted a picture of herself in a sleeping bag on an office floor. Crawford is now in charge of Twitter Payments. He is in charge of a small team that is working on making a vault to store and protect the user data that the system collects.
