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The possibility of Twitter integrating crypto payments arises after Elon Musk met with employees
With Elon Musk at the helm of Twitter affairs, we could see the possibility of the social media giant integrating crypto payments. Details of his first meeting with Twitter employees seem to suggest such speculation.
The billionaire reportedly suggested a more direct payment system on the social media app. Came
Furthermore, the CEO said that such integration would help in the smooth transfer of money between users. Furthermore, he floated the idea of an integrated payment system that would allow cryptocurrency transactions.
He went on to say:
“So the goal, my goal would be to maximize the usefulness of the service: the more useful it is, the better. And if you can use it to make convenient payments, that’s an increase in utility.”
Elon stressed that payments, like news and entertainment, are strategic areas to ensure high user activity. Therefore, a broader integration will make users see Twitter as “something that everyone wants to use”.
Protracted takeover of Twitter
On April 25, 2022, Twitter announced that it had reached an agreement with Elon for its acquisition for an estimated $44 billion. The move, once completed, would make Twitter a private company.
However, almost two months after the announcement, the deal has yet to materialize.
The CEO of Tesla and SpaceX blamed the delay on Twitter’s failure to accurately disclose the number of fake or spam accounts on the service.
Trouble is coming
As recently reported, Elon Musk has been the subject of a lawsuit after allegations surfaced of a “crypto pyramid scheme” involving Dogecoin. In addition, the lawsuit alleged the involvement of his companies, Tesla and SpaceX, in the pyramid scheme.
Additionally, Keith Johnson, who initiated the lawsuits, is seeking a $258 billion settlement after being “defrauded.”
However, neither Elon Musk nor any of the two companies involved in the lawsuit have commented on the matter.
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This post Elon Musk advances support for a Twitter integrated payment system that supports cryptocurrencies
was published first on https://cryptoslate.com/elon-musk-advances-support-for-an-integrated-payment-system-on-twitter-that-supports-cryptocurrencies/