Does Twitter want to establish itself as a crypto platform?
Does Twitter want to establish itself as a crypto platform? New licenses that turn the platform into a financial service provider give that impression. The comprehensive App X seems to be getting closer. However, insiders deny the assumption that Dogecoin could be implemented soon.
New license is getting closer to X
Founder Jack Dorsey already had plans to turn Twitter into a crypto platform. However, with the acquisition of the company by Elon Musk, the plan takes on a whole new form. A new license brings the transition to super app X closer.
Twitter recently received licenses to operate as a payment service provider in three states – Michigan, Missouri and New Hampshire – official documents confirm this . The short message service has even submitted applications for such a license in all 50 states.
Through the legal ability to act as a payment service provider, Twitter is permitted to provide customers with remittance services and payment instruments. What exactly is behind the licenses is not yet known.
It is conceivable that Twitter will advance the construction of Super App X. X is based on WeChat and is intended to offer users a wide variety of functions. Twitter is supposed to grow from a social network to a financial services provider, among other things.
Elon Musk has stated several times that he wants to add crypto payments to Twitter. So far, however, this has not happened. Twitter lists 450 million users who could then gain easy access to the crypto ecosystem. The goal is to allow users to send digital funds with ease.
Instead of the usual alphanumeric strings, Twitter wants to use the existing user names (including handles ). Such a system is definitely conducive to the simplicity of crypto usage.
Musk mentioned that he wants to use Dogecoin (DOGE) as the embedded cryptocurrency . The cryptocurrency has been Musk’s favorite for years. It offers fast transactions at low cost. Due to the increasing circulation supply and meme character, it is not universally popular in the crypto scene.
Will Twitter become a crypto exchange?
It is also conceivable that Musk will expand Twitter into his own crypto exchange. The company already has a partnership with eToro – the Israel-based company already offers its customers a small selection of cryptocurrencies.
The license as a money transmitter also gives Twitter permission to exchange currencies for each other. Whether the news platform really takes this step is uncertain. One of the company’s obvious goals is to increase the involvement of eToro. Twitter has already implemented price graphs from eToro.
Cointelegraph claims that the licenses are only being acquired because Twitter initially wants to become a payment service provider – comparable to Paypal, Stripe, Venmo, Google Pay or Apple Pay.
Accordingly, there are no plans to publish services related to cryptocurrencies. Only fiat currencies are currently being considered. Cointelegraph relies on insider testimony in its report. Who exactly the informants are is not explained in more detail.