Musk’s social media platform edges closer to crypto adoption

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Alex Dovbnya

Elon Musk’s rebranded social media platform X, formerly Twitter, is one step closer to adopting cryptocurrency payments

Elon Musk’s social media platform X, formerly known as Twitter, is one step closer to adopting cryptocurrency payments.

Twitter Payments LLC, a crucial part of the potential “X Coin” system, recently obtained licenses from several states to process crypto transactions.

This significant development follows January’s reports of Twitter’s interest in diversifying revenue streams and introducing an “everything app” that could involve payments in fiat and later cryptocurrency.

Earlier this year, the Financial Times announced Twitter’s plans to add support for cryptocurrency payments, resulting in a 7% price increase for Dogecoin (DOGE). However, these gains were subsequently tempered.

A team led by Esther Crawford, director of product management at Twitter and now CEO of Twitter Payments, was appointed to set up the payments infrastructure.

Some critics have expressed concerns about potential regulatory challenges, technology costs, and the need to earn consumer trust, especially after Twitter abruptly pulled back from its supposed plans to launch a crypto wallet under Musk’s leadership.

It’s unclear if X will ultimately back Dogecoin, but it appears the controversial entrepreneur hasn’t completely given up on his interest in cryptocurrencies.

Amid this development, Twitter underwent a massive rebranding led by Musk, changing its name to X and replacing the iconic bluebird logo with “X”. This new identity was part of Musk’s strategy to save the company from possible bankruptcy due to declining ad revenue.

Musk’s innovative move to crypto payments could be seen as an attempt to revitalize the platform and provide an edge against new competitors like Meta’s Threads.

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