Twitter wants to facilitate payments, dogecoin price responds immediately

Since the Twitter era of Elon Musk, the social media platform has regularly featured in the crypto news. About half of the staff has been fired, users can self-authenticate for $8 per month and the platform has added price charts for bitcoin (BTC) and ethereum (ETH), among others.

The rumor mill is also often running at full speed. For example, there was speculation about its own crypto after the alleged logo of a so-called ‘Twitter Coin’ was spread on the platform. However, it later became clear through Jane Manchun Wong, a technology blogger and app researcher, that it most likely will not exist on the blockchain.

Twitter as a payment platform

Last November you could read in the altcoin news that Twitter had officially registered as a payment company with the American FinCEN. A few weeks later, when Musk shared plans for Twitter 2.0 – The Everything App, a slide was also dedicated to “payments.”

Meanwhile, the Financial Times revealed that Twitter has begun filing for some of the state permits it would need to introduce payments on the platform. In addition, it would also have started designing the software to facilitate payments.

Before the Musk acquisition, Twitter has already tried a few things, such as tipping through the Tipping Jar. Support for bitcoin through the Lightning Network and ethereum were added.

However, Musk’s vision seems to go well beyond this, including exploring more ways for users to reward creators directly, for users to purchase items directly through the platform, and for users to pay each other.

Room for dogecoin?

Musk has said he wants the system to be primarily fiat, but built so that crypto can be added to the capabilities at a later date.

Within minutes, the price of Musk’s beloved crypto, dogecoin (DOGE), skyrocketed by more than 5%, according to data from CoinMarketCap. However, the price did not last long here, so that DOGE is still in the red with 3% over the past 24 hours.

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