Twitter CEO Elon Musk has reportedly instructed his developers to build the platform’s payment system in a way that can accommodate cryptocurrencies in the future.
The payments feature will initially support fiat currencies but be built to include cryptocurrencies, according to sources familiar with Twitter’s plans.
Twitter has long been planning to bring payments to the platform as part of Musk’s goal to make it an “everything app.”
Rumors emerged last October that Twitter was working on a wallet prototype that would support crypto deposits and withdrawals, but it appears the payment system will only support fiat currencies for now.
Twitter has begun the process of applying for regulatory licenses in the US to allow it to introduce payments to the platform and hopes the process will be completed within a year.
Twitter Payments LLC has already registered with the US Treasury Department’s Financial Crimes Enforcement Network to process payments.
