Elon Musk's reported payments plan for Twitter sends dogecoin skyrocketing 10%
that Elon Musk is looking at adding a payments system to Twitter, fueling speculation the company could incorporate the altcoin into his social media site.
In its aim to create a new revenue stream for the platform, Twitter has started applying for regulatory licenses and designing the software needed to introduce payments on the system, the report said. A team at Twitter is also creating a vault for safely storing user data that a payment system would collect, sources told the FT.
Allowing payments on Twitter is key for the company as its advertising business of $5 billion a year has been hit since Musk bought Twitter in October, with marketers citing concerns about management and content moderation. and previously has pushed for its as a payments vehicle. The prospect that it could be a payments option on Twitter sent the meme coin jumping much as 10% to an intraday high of $0.095655. The gain was later pared to 7%.
The move comes amid a broader rally in crypto markets after a dismal 2022. Bitcoin is up almost 40% in January, and is set for the best month since October 2021. last week for the first time since FTX's collapse. Investors are warming to risk assets as cooling inflation fuels hopes for the Fed to pull back on rate hikes.
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