Elon Musk to Turn Twitter into ‘Super App’ with Crypto Payments
- Elon Musk plans to turn Twitter into a “super app” with the introduction of a payments system that will initially support only fiat currencies.
- While fiat currencies are the “first and foremost” priority for the company, crypto payments will be allowed if the opportunity arises.
- Twitter was working on a crypto wallet in 2022 but the idea was dropped after more than 70% of the workforce was let go.
- Binance CEO, who also contributed to the takeover of Twitter, stated that he plans to bring Web3 into the social media platform.
According to a report from the Financial Times on January 30, two people with knowledge of the matter have come forward to confirm that Twitter, under the leadership of Elon Musk, is working on a payments system that will initially support fiat currencies but will be made in such a way that it can support crypto coins as well if the opportunity arises in the near future.
It wasn’t revealed which cryptocurrencies would be supported by the social media platform. However, it was confirmed that support for fiat currencies will be the “first and foremost” priority for the company.
The plan is to create an “everything app,” and Twitter has teased a crypto-focused payment system for a very long time. It seems that Elon Musk will soon debut this system, and the work is currently underway. The billionaire has been a huge supporter of Dogecoin (DOGE), as mentioned above, and he even called it the most viable cryptocurrency that can be used for everyday payments.
It is also crucial to note that Tesla, Elon Musk’s electric vehicle company, currently holds Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) on its balance sheet. This confirms the fact that the billionaire remains a supporter of cryptocurrencies. Interestingly, Binance, the world’s largest crypto exchange by trading volume, confirmed its support for the billionaire’s acquisition of Twitter while adding that it had committed $500 million to the takeover deal.
Binance CEO Changpeng Zhao, also known as CZ in the crypto space, stated that he will be bringing Web3 to Twitter and wants “to make sure that crypto has a seat at the table when it comes to free speech.” CZ added that “there are also more tactical things, like we want to help bring Twitter into Web3.”
As per unconfirmed rumors, Twitter was also working on a crypto wallet in 2022. The news was first broken by blogger Jane Manchun Wong, who added that the social media platform was developing a cryptocurrency wallet with deposit and withdrawal capabilities and that the wallet could soon be announced.
However, the company reportedly dropped plans to develop a crypto wallet due to structural changes and the firing of almost 70% of the old workforce. Elon Musk explained that his acquisition of Twitter was not driven by profit and added that he intends to introduce new changes to the social media platform in a bid to ensure free speech.