Seeking Alpha
2023-01-30 20:18:47

Elon Musk seeks crypto option for Twitter payments system - report

Social media platform Twitter is working to integrate fiat payments into the social media platform, with the potential for enabling cryptocurrency capabilities at a later point, the Financial Times reported Monday, citing two people familiar with the matter. Elon Musk, the owner and CEO of Twitter, wants the payments system "first and foremost" to focus on fiat currencies such as the U.S. dollar, according to the report, adding that crypto functionality could be permitted later. Dogecoin ( DOGE-USD ) token turned slightly green for a brief period of time following the news, but has since given up those gains, down 3.3% to nine cents at 3:18 p.m. ET. In recent years, Musk touted doge via cryptic Twitter posts that typically caused the token's price to move substantially up or down. In an effort to turn Twitter into a "super app," the company has started applying for U.S. regulatory licenses and designing the software needed for the highly-anticipated payments system, the FT said . Seeking Alpha contributor Mike Fay last month cited doge as his top crypto bear pick for 2023 on expectations that the meme-coin is unlikely to be integrated with Twitter for in-app payments.

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