Twitter CEO Elon Musk has reportedly instructed developers to build the platform’s payment system in a way that would allow for crypto functionality in the future.
The payment feature will initially support fiat currencies but be built to accommodate cryptocurrencies. Twitter has long teased the introduction of payments to the platform as part of Musk’s plan to make Twitter an “everything app.”
There have been rumors of Twitter working on a wallet prototype that would support crypto deposits and withdrawals, however, it is currently unknown if crypto will be involved in the payments system.
Twitter has started the process of applying for state-based regulatory licenses in the US to introduce payments to the platform.
The company hopes the US licensing process will be completed within a year. In November, “Twitter Payments LLC” registered with the US Treasury Department’s Financial Crimes Enforcement Network, allowing it to process payments.
