Twitter head Elon Musk is reported to have given his developers instructions to design the platform’s payment services in a way that will enable the addition of crypto capabilities in the upcoming years.
Two people with knowledge of the matter were quoted in a January 30 Financial Times article as saying that the payments function will initially handle fiat currencies but will be designed to allow cryptocurrencies if the need arises.
As part of Elon Musk’s declared goal to turn Twitter into an “everything app,” Twitter has long hinted at introducing transactions to the social media network.
Although the Tesla and SpaceX CEO sees a significant role for cryptocurrency on the social media platform, it is yet unclear whether these payments would use blockchain or cryptocurrency technologies.
The news came after it was revealed in December that Elon Musk intended to launch his own cryptocurrency, called the Twitter Coin. But the more recent disclosed pictures of the project from early January omitted any mention of cryptocurrencies or blockchain technology.
Elon Musk’s Twitter Takeover
Interestingly, hundreds more employees left Twitter after Musk gave them an ultimatum to work long hours and downsize half of the company’s workforce, raising serious questions about the company’s ability and desire to filter harmful and illegal information.
Musk’s move has resulted in a reduction in Twitter’s workforce. He has, however, defended his actions by asserting that since the company is losing more than $4 million every day, they are left with little choice but to make broad changes.
Elon Musk’s purchase of the Twitter platform in November, according to US President Joe Biden, is a medium for spreading misinformation. The co-founder of Ethereum, Vitalik Buterin, also commented on Musk’s takeover of Twitter. Buterin believes that the Tesla CEO has the power to turn Twitter into something “really great” or “really terrible.” He warned that if the outcome is bad, it will provide “opportunities for other people to do something great.”