Elon Musk is trying to build a Twitter payment system — and crypto could be part of it: report

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Twitter is said to have stepped up its efforts to introduce payments to the social media platform. In Elon Musks’ vision, the system would use fiat currencies first, but could add crypto functionality later, the Financial Times reported on Monday.

The social media giant applied regulatory licenses and designed the software it needed to enable payments through the site, according to the report. Musk expects the payment system to be built in a way that crypto functionality could potentially be added later, the report says, citing unnamed sources.

Twitter currently allows payments for certain services, such as a paid membership that adds a blue tick to users’ accounts. Still, Musk said he wants Twitter to provide fintech services like peer-to-peer transactions, savings accounts and debit cards, in a bid to turn Twitter into a do-it-all app, according to the Financial. Times.

The latest news has revived some crypto enthusiasts with hopes that Twitter will provide more use cases for digital assets, especially for the Dogecoin meme token, of which Musk has been a longtime supporter. Dogecoin DOGEUSD, +5.89% briefly rose more than 8% on Monday, before falling to around $0.088, down 4% in the past 24 hours, according to data from CoinDesk.

In June, Musks SpaceX began accepting Dogecoin for certain commodities, after Tesla Inc. TSLA, -6.32% made a similar move in January 2022.

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