Sources said Twitter has begun applying for regulatory licenses across the United States and designing the software needed to introduce payments on its platform.
Elon Musk has said he wants the system to support fiat currencies first, but be built with the possibility of adding crypto payment capabilities later, two sources said. Esther Crawford, Elon Musk’s deputy within Twitter, has begun working with a small team to plan the architecture needed to facilitate payments on Twitter, including designing a Vault to store and protect the user data the system will collect, before moving forward with launching payment services. Required regulatory inspections.
According to three sources, Elon Musk’s vision includes exploring more ways to allow users to directly reward creators, allow users to purchase goods directly through the platform, and allow users to pay each other. Twitter registered as a payments processor with the U.S. Treasury Department last November and began applying for some state licenses needed to launch, according to a regulatory filing. The remaining applications will be filed soon, with U.S. licensing expected within a year, and then Twitter will seek to gain international regulatory approval for expansion, one of the people said. (Financial Times)
