Musk’s Twitter Likely to Process Crypto and Online Payments, Filings with US Treasury Hints: Report

Twitter reportedly filed the paperwork seeking permissions to operate as a financial service provider with the US Treasury last week.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 10 November 2022 11:16 IST

Musk’s Twitter Likely to Process Crypto and Online Payments, Filings with US Treasury Hints: Report

Photo Credit: Facebook/ Twitter

For now, elaborate details on Twitter payment processor plans remain discreet

Highlights

Elon Musk is looking for new ways to bring revenues via Twitter
Musk’s plans for Twitter includes its operation as a payments facilitator
Dogecoin remains the most anticipated altcoin to be tied to Twitter

Twitter, now under its new chief Elon Musk, could soon expand its services beyond just a social networking platform. The micro-blogging platform has reportedly filed papers to bag approvals to function as a payment processor for not just online, but also for crypto transactions. It does not quite come as a surprise, that Musk is showing an inclination towards activating crypto-related services on Twitter after having acquired it for about $44 billion (roughly Rs. 3,58,912 crore).

Twitter reportedly filed the paperwork seeking permissions to operate as a financial service provider with the US Treasury last week. As per The Information, Twitter is intending to facilitate money transfers as well as exchange currencies into crypto assets and vice versa.

For now, elaborate details on Musk's payment service plans remain unclear.

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Musk, under his leadership, aims to find new ways to churn revenue for Twitter, that up till now was largely dependent on the advertisement model.

Controversially so, Musk soon after his Twitter takeover announced that he'd roll out the blue tick verification badge for only those people who would be willing to pay a monthly fee of $8 (roughly Rs. 650) to keep that badge.

Previously, Musk had dabbled in the idea of making Twitter Blue also a paid service. Back in April, Musk had said that Dogecoin could be used as a fee to use Twitter Blue services that offer subscribers to get rid of advertisements on their timelines, edit tweets within a 20-second time frame, and undo a tweet altogether among other premium features.

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The chief of Tesla and SpaceX intends to make Twitter an ‘everything app' that combines communication and financial provisions within one app.

Meta, in this arena, is way ahead of Twitter. The company already offers instant messaging services with money transfer option on WhatsApp, that already also offers video and voice call facilities — among other features that Twitter lacks.

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Further reading: Cryptocurrency, Elon Musk, Twitter, Crypto Payments

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More