Twitter works on a payment system compatible with cryptocurrencies

Twitter is building a payments system that will be compatible with fiat currencies and may accept cryptocurrencies in the future, according to reports in the Financial Times.

The company has begun the process of applying for state regulatory licenses in the United States and expects to complete the process within a year. Elon Musk, CEO of Twitter, has instructed developers to build the payment system.

Unconfirmed rumors surfaced in October that Twitter was working on a prototype wallet that would allow cryptocurrency deposits and withdrawals. However, it seems that the payment system will go ahead with only fiat support.

At a Twitter Space event, Musk discussed allowing the connection of bank accounts and adding debit cards to make money transfers easier. Following the approval of the licenses in the US, Twitter plans to obtain international regulatory approvals.

K. Tovar

Source: FT

(Reference image source: Souvik Banerjee, Unsplash)

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