Elon Musk's payment vision for Twitter takes shape to set up a small team with the order to build infrastructure -
Elon Musk's payment vision for Twitter takes shape to set up a small team with the order to build infrastructure -
Seven months ago, the current Twitter owner Elon Musk said before taking over the social media giant, he would integrate cryptocurrency payments. According to sources, a team works on the infrastructure for a payment platform, and Twitter continues with official permits and registrations.
Elon Musk's plan for the Twitter payment system is progressing and later adds cryptocurrency
Elon Musk seems to continue with plans in Twitter to integrate. According to cited sources from the Financial Times (ft), Elons Leutnant, Esther crawford , works in logistics and has formed a small team. Musk previously stated that his intention was to create a payment system, and in mid-June 2022 the current Twitter owner mentions the integration of cryptocurrencies.
"I think it makes sense to integrate payments into Twitter so that it is easy to send money back and forth, and Fiat currencies and crypto-essentially everything that would find useful," said Musk during the first all-hand meetings with the employees of Twitter.
Sources cited from the FT on January 30, 2023 say that Twitter also strives for official registrations and state licenses. Those who are familiar with the topic said that Twitter had started to apply for financial licenses in several states. The FT publication also reports that Musk Crawford has appointed Payments CEO CEO. According to the FT sources, the payment system will initially process fiat currencies, with plans to add cryptocurrencies later.
Before Musk took over, the former CEO Jack Dorsey introduced 2021. In April 2022, Twitter worked with the payment gigant stripe piloting of Crypto payments . In November 2022, Bitcoin.com News dass Twitter has registered with the US Financial Crimes Enforcement Network (fincen) in order to legally handle funds. During an audio podcast by Twitter Spaces, Musk said that he could see that Twitter offers money market accounts and debit cards.
However, Senior Equity Analyst and Payment expert Lisa Ellis from Moffettnathanson LLC told the FT that companies are confronted with many regulatory hurdles on the way to a payment company, which means that many cancel after initial attempts. "Experiment many [Tech Companies] and then give up," said Ellis. "You perceive the long-term investments and risks with potential fines for problems and the need for a constantly licensed compliance infrastructure."
What do you think of Elon Musk's vision to integrate payments into Twitter? Do you think it will be successful or how other technology companies will face challenges? Share your thoughts on this topic in the comment area below.
Bedy verification : Shutterstock, Pixabay, Wikicommons