Does Elon Musk want to turn Twitter into PayPal’s rival?
Elon Musk is clashing with his old company PayPal, while Twitter is preparing to become an online payment company. Twitter is preparing for payouts and bitcoin may be involved.
According to a Financial Times report, Elon is open to adding BTC and cryptocurrencies to his Twitter payments view.
While the “super app” vision prioritizes banknotes of traditional currencies, its future will likely also include payment systems linked to innovative currencies.
Elon Musk's Twitter has reportedly begun applying for regulatory licenses across the United States, in apparent preparation to start facilitating payments through the app. People close to the company said Twitter “has begun mapping out with a small team the architecture needed to facilitate payments on the platform,” which could potentially include functionality for cryptocurrency payments, the Financial Times reported.
While Twitter had created a subsidiary, Twitter Payments LLC, in August last year before Musk assumed control of the company, Musk recently named Esther Crawford, director of product management at Twitter, as chief executive officer of Twitter Payments.
According to the FT source, Musk said he wants Twitter to serve payments in local currency first, but be able to enable cryptocurrencies second.
It wouldn't be the first time Elon Musk's companies have facilitated bitcoin transactions. Musk has previously accepted bitcoin for his Tesla electric vehicles, but later withdrew the possibility due to concerns over renewable energy.
Although there are no concrete plans to implement this interoperability, Musk has firmly reiterated, since taking the helm of the social network, that he wants to see it become a generalized "super app".
This multifunctional approach would greatly benefit from the increased functionality of low-cost, instant payments using a platform like the Bitcoin Lightning Network.
We recall that Musk was among the founders of PayPal which, at this point, risks becoming the payment system's biggest competitor. The number of twitter users is around 450 million active, with the advantage that Musk's latest political choices seem to give more guarantees than those of PayPal which, on the independence of its work, has raised more than one doubt.
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Article Elon Musk Wants to Turn Twitter into PayPal's Rival? comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/elon-musk-vuole-trasformare-twitter-nella-rivale-di-paypal/ on Wed, 01 Feb 2023 21:42:13 +0000.