Elon Musk’s Twitter era has begun. The first major change that the successful businessman made is the introduction of a subscription. For $8 a month, users can self-authenticate, which should address the spam problem, among other things. The next notable move is Twitter’s registration as a payment company.
Twitter and payments
The next important step Musk has in mind for Twitter appears to be the transformation of the social media platform into a payment company. With its huge user base, Twitter is of course an ideal platform to also function as a kind of digital bank. It already has a strong network of users, which makes adding payment options a no brainer makes.
Yep, Twitter Payments LLC registered with FinCEN a few days ago as a money transmitter. You can verify its registration on FinCEN’s search page: https://t.co/cKJ9rCpd2F pic.twitter.com/7zo8tWDdmq
— John Paul King (@jp_king) Nov 9, 2022
John Paul Koning reports that Twitter registered as a payment company with the American FinCEN a few days ago. This would give Twitter the ability to manage funds and process payments for customers.
Basically, no mention has been made about the implementation of crypto yet. That may come later when Twitter actually gets permission to enter the market as a payment company. Until then, it continues to speculate about the implementation of dogecoin or bitcoin via the Lightning Network.
“Musk pump” is over
Initially, the dogecoin price rocketed after Musk took over the platform at the end of October. However, little has happened in the crypto space so far and Musk seems to be focusing on more important things.
Twitter, for example, is said to be working on its own crypto wallet, but its development has also been temporarily halted. In that sense, the optimism about the combination of crypto and Twitter seems to have to be put back in the fridge for a while.
On November 1, Musk tweeted a picture of his Shiba Inu dog wearing a Twitter shirt. The Shiba Inu is of course the logo of dogecoin, so in that sense Musk is hinting at the possible integration of dogecoin in the platform.
— Elon Musk (@elonmusk) Nov 1, 2022