Elon Musk, the new would-be owner of Twitter, has ambitious plans for the company and believes that the integration of crypto transfers on the social media app “makes sense.”
CryptoPay Integration on Twitter
Details of Musk’s latest interaction with the Twitter employees at a virtual town hall surfaced for the first time since striking a deal to buy the social network for $44 billion earlier in April. The business magnate reportedly suggested the need for a payments integration that would facilitate seamless money transfer between users. He also pushed for an embedded payment system enabling crypto transactions.
“I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth. And if you have currency as well as crypto. Essentially, whenever somebody would find it useful.”
Musk believes news, entertainment, and payments are like three critical areas. To that extent, he wants to focus on ways to make Twitter so compelling that “you can’t live without it and that everyone wants to use it.”
The Tesla chief also emphasized the rampant crypto scams on the platform and floated the idea of having the algorithm “open source” so that users can “critique it, improve it, identify bugs, potentially, or bias.” He believes this move will lead to increased transparency and trust.
It is still not known whether Musk, who is already the CEO of Tesla and SpaceX, remains committed to buying Twitter despite making it evident that he intends to give a lot of input about the direction of the company.
Musk submitted a bid with the US Securities and Exchange Commission (SEC) on April 13 to acquire Twitter for an estimated $44 billion. Even as Twitter announced reaching an agreement with the billionaire entrepreneur for its acquisition, the deal was put on hold as he looked into the prevalence of fake accounts and automated bots on the platform.
Twitter Tryst With Crypto
Twitter already added Bitcoin tipping in 2021. The same year, Twitter Crypto, a business unit focused on developing the social network’s strategy for cryptocurrency, blockchains, and Web3, was unveiled under the then-CEO, Jack Dorsey.
Despite being a vociferously pro-Bitcoin, under Dorsey’s leadership, Twitter even went on to incorporate Ethereum functionality.