2023-7-25 12:28 |
Coinspeaker
Elon Musk’s X Social Media Platform Eyes Crypto Payments
Elon Musk’s social media platform X, formerly known as Twitter, appears to be gearing up to make a foray into the world of cryptocurrencies. Amidst the looming possibility of an “X Coin”, Twitter Payments LLC has recently obtained licenses from several states that would permit it to process crypto payments.
This comes following reports in January that the social media giant was looking to diversify its revenue streams and launch an “everything app” whose features would include support for fiat and potentially cryptocurrency payments. The news of potential crypto integration drove the price of the dog-themed memecoin Dogecoin (DOGE) to soar 7%.
The idea of crypto payments on the social media app has also been subject to criticism. Critics have raised concerns such as the question of regulatory approval, a valid concern given the increased regulatory scrutiny on cryptocurrency payments, especially in the United States. Technology costs and gaining the public’s trust were also presented as potential hurdles.
While Musk, a known Dogecoin supporter, has not explicitly named the coin the future currency of the “everything app,” the online Dogecoin community continues to speculate that he could. What is certain, in light of the recently obtained licenses, is that the company is still considering the possibility of crypto payments.
As part of an overall rebranding of the app, Elon Musk announced that Twitter was changing its name to X and that the popular bird would be replaced by an “X” logo. The rebranding exercise is part of Musk’s attempts to diversify revenue streams and keep the company afloat amid declining ad revenue, which he had previously revealed had suffered a 50% blow. An integration of crypto payments could give X an edge over competitors such as Meta’s recently-launched Threads.
Commenting on the name change, the platform’s newly-appointed CEO Linda Yaccarino stated:
“It’s an exceptionally rare thing – in life or in business – that you get a second chance to make another big impression. Twitter made one massive impression and changed the way we communicate. Now, X will go further, transforming the global town square.”
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Elon Musk’s X Social Media Platform Eyes Crypto Payments
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