Elon Musk's social media platform, X, previously known as Twitter, is moving closer to adopting cryptocurrency payments.
Twitter Payments LLC, a crucial part of the potential "X Coin" system, has recently obtained licenses from several states to process crypto transactions.
This significant development follows January reports of Twitter's interest in diversifying revenue streams and introducing an "everything app" that might involve fiat and later cryptocurrency payments.
Earlier this year, the Financial Times reported Twitter's plans to add support for cryptocurrency payments, causing the price of Dogecoin (DOGE) to surge by 7%. However, these gains were later tempered.
A team led by Esther Crawford, Twitter's director of product management and now CEO of Twitter Payments, was appointed to lay out the payment infrastructure.Some critics have expressed concerns about potential regulatory challenges, technology costs and the need to win consumer trust, especially following Twitter's abrupt retraction of its rumored plans to launch a crypto wallet under Musk's leadership.
It is unclear whether X will eventually support Dogecoin, but it seems the controversial entrepreneur has not completely abandoned his interest in cryptocurrencies.
In the midst of this development, Twitter went through a massive rebranding led by Musk, changing its name to X and replacing the iconic blue bird logo with "X." This new identity was part of Musk's strategy to salvage the company from potential bankruptcy due to declining ad revenue.
Musk's innovative move into crypto payments could be seen as an attempt to revitalize the platform and provide an edge against new competitors like Meta's Threads.