Twitter May Not Integrate Cryptocurrencies Anytime Soon
It seems that Twitter users, also known as X, won’t be able to use the platform for crypto transactions in the near future. Crypto enthusiasts were hoping that Elon Musk, a prominent supporter of Dogecoin, would introduce digital tokens to the platform as part of his vision for an “everything app.” However, recent regulatory filings indicate that Musk’s new payment service, known as X Payments, does not include cryptocurrencies in its plans.
- Musk is not focusing on crypto integration for X Payments, according to new filings
- X Payments is pursuing money transmitter licenses in 28 states
- The subsidiary aims to provide a payments feature similar to Venmo or Zelle
Key Details from Regulatory Documents
The regulatory documents unveiled Musk’s plan for a subsidiary called X Payments, which is seeking licenses in multiple states to operate as a money transmitter. The primary goal of X Payments appears to be offering a payments service for users, resembling popular platforms like Venmo and Zelle. While there is no immediate indication of crypto integration, the door may still be open for future developments.
- X Payments is actively pursuing licenses in multiple states for money transmitter operation
- The primary objective of the subsidiary is to offer a payments feature similar to Venmo and Zelle
- No clear indication of crypto integration in the immediate future based on the disclosed documents
Expectations from X Payments
X Payments indicated in regulatory filings that the service aims to boost user engagement and participation with its payments platform. The company plans to charge minimal fees upon launch, emphasizing increased user interactions and potentially setting the stage for future fee structures. However, revenue for Twitter has declined since Musk’s acquisition, prompting the need for innovative revenue streams such as X Payments.
- X Payments seeks to enhance user engagement and involvement through its payments service
- The platform plans to introduce minimal fees at the time of launch
- Twitter’s revenue has reduced by 40% post Musk’s acquisition, necessitating the need for novel revenue-generating avenues
Musk’s Continued Interest in Crypto
Despite the absence of immediate crypto integration in X Payments, Elon Musk remains a staunch supporter of cryptocurrencies. Musk has been instrumental in driving Dogecoin price surges through social media posts, and Tesla previously held a significant amount of Bitcoin. While not part of his current project, Musk has explored the potential of crypto payments over the years.
- Elon Musk continues to be an avid supporter of cryptocurrencies
- His past activities included impacting Dogecoin prices through social media manipulations
- Tesla had amassed a substantial Bitcoin reserve under Musk’s leadership
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