tl;dr
Elon Musk's plans for Twitter's payment service do not appear to include cryptocurrencies at the moment, as indicated by regulatory documents. Instead, a subsidiary called X Payments has been approved for money transmitter licenses in 28 states, with plans to seek licenses in the remaining states. T...
Twitter's new payments service, X Payments, will not initially integrate cryptocurrency. Instead, the focus is on obtaining money transmitter licenses and offering a Venmo-like feature. The service aims to boost user engagement and may levy minimal fees to aid Twitter in recovering lost revenue and competing with established payment platforms.
Despite Elon Musk's interest in cryptocurrencies, regulatory documents indicate that the current plans for Twitter's payment platform do not involve crypto integration. However, the potential for cryptocurrency integration in the future remains, as Musk continues to explore crypto payments.
The approved subsidiary, X Payments, is set to operate in 28 states with plans to secure licenses in the remaining states. It aims to provide a payments feature akin to Venmo or Zelle, with the possibility of integrating crypto in the future. Emphasizing increased user engagement and minimal fees, the documents reflect Twitter's 40% year-over-year revenue decline and the need for new revenue-recovery initiatives.
Despite Musk's history of promoting Dogecoin and exploring crypto payments, Twitter users, at least for the time being, won't be able to use the platform for cryptocurrency transactions. The documents reveal Musk's intent to launch a payments service that excludes crypto integration, and instead focuses on boosting user engagement through the X Payments platform with nominal fees.
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