Twitter continues to persist in its push into the funds area.
CEO Elon Musk desires Twitter funds to be primarily in fiat currencies, however engineers will construct the funds product in such a method that crypto funds could possibly be added sooner or later, Monetary Instances has reported.
Dogecoin—a cryptocurrency Musk has beforehand pumped—noticed a spike in value after the information was introduced Monday, sending DOGE from $0.08 to $0.09. DOGE has since settled again to roughly $0.08, based on CoinGecko knowledge.
DOGE continues to be impacted by Musk, with its value seeing positive aspects when Musk finds success and its value falling when Musk struggles.
Since taking on the social media web site late final yr, Musk has been exploring methods to monetize and reimagine Twitter as a social funds platform. Twitter registered as a funds enterprise in November 2022 and is creating a “Cash” characteristic that enables customers to pay with fiat to obtain digital Cash that may be redeemed to provide customers “Awards” for content material, much like Reddit. On Twitter, customers will be capable of pay for Cash utilizing the fee platform Stripe.
Twitter’s Director of Product Administration Esther Crawford is overseeing Twitter’s fee merchandise.
Whereas Twitter Cash won’t contain crypto initially, it’s clear Musk doesn’t wish to take away that choice solely.
Twitter itself isn’t any stranger to crypto. Though its crypto engineering lead left in November, Twitter nonetheless provides NFT “verification” as part of its Twitter Blue subscription advantages, and customers can nonetheless tip choose creators with Bitcoin funds through Strike. Eligible Twitter customers with monetization enabled also can nonetheless show their Ethereum and Bitcoin pockets addresses to obtain ideas.
Crawford beforehand confirmed to Decrypt that Twitter nonetheless doesn’t have a Communications staff. She declined to touch upon Twitter’s plans for its funds merchandise.
Editor’s observe: This story was up to date after publication to incorporate response from Twitter Director of Product Administration Esther Crawford.