Dogecoin (DOGE) surges as Twitter plans to add support for crypto payments
DOGE instantly jumped over 7% before cutting some gains
According to a recent report by the Financial TimesTwitter is seeking regulatory licenses to allow payments on its platform.
It’s part of CEO Elon Musk’s plan to diversify revenue streams and launch an “everything app.”
While Twitter will initially only support fiat payments, it also plans to add support for cryptocurrencies at a later date.
The Financial Times report pushed the price of the Dogecoin (DOGE) cryptocurrency up 7%. However, he has now reduced some of his stellar gains.
A small team led by Twitter’s Director of Product Management Esther Crawford, who has been named CEO of Twitter Payments, is building the payments architecture on the platform and building a vault to store and protect data users.
Twitter has also registered as a payments processor with the US Treasury and has begun applying for the state licenses required to launch the service.
The company aims to complete regulatory audits within a year and then expand internationally. However, the challenges and costs of adopting new technologies, complying with regulations and building consumer confidence are of concern.
The shift to payments faces competition from other players such as Venmo, Cash App, and Zelle, as well as high levels of regulatory scrutiny.
In October, the price of Dogecoin skyrocketed after Musk finalized his deal on Twitter. The price of the meme coin has been very sensitive to Musk’s actions and statements.
However, the price of the cryptocurrency joke took a hit in early November after Twitter reportedly dropped its supposed plans to launch a crypto wallet under Musk’s leadership.
For now, it remains to be seen if Twitter will eventually add support for Dogecoin, but it looks like the controversial entrepreneur hasn’t given up on the cryptocurrency just yet.
[gpt]Dogecoin (DOGE) surges as Twitter plans to add support for crypto payments