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Popular social media platform, Twitter, is reported to be developing a payment system that incorporates cryptocurrency functionality.
Neither Musk nor Twitter has officially confirmed the development, however, it is believed that the platform's CEO has instructed developers to build the system. According to sources cited in The Financial Times, the company is working on a payments feature that will initially support fiat currencies and eventually enable crypto payments as well.
Amid the new development, unconfirmed rumours emerged that Twitter was working on a wallet prototype that would support crypto deposits and withdrawals. Additionally, images of "Twitter Coins" were circulating on social media circles, however, their authenticity are yet to be confirmed by the company.
Twitter Coins - the product that will change the course of Twitter forever. @elonmusk pic.twitter.com/WNgOmp9fOT
— DogeDesigner (@cb_doge) January 29, 2023
It may be mentioned that Musk has always been interested in creating a super app similar to China's WeChat. Musk's vision for Twitter 2.0, which he has referred to as "X The Everything App", includes encrypted direct messages, long-form tweets, and payments. During a podcast appearance, he expressed the need for a super app in the US as there was no WeChat alternative for US users.
"If you're in China, you kind of live on WeChat. It does everything. It's sort of like Twitter, plus PayPal, plus a whole bunch of things all rolled into one, with a great interface. It's really an excellent app, and we don't have anything like that outside of China," Musk told the listeners during the podcast last year.
Musk acquired the company for $44 billion in October of last year, stating that buying Twitter would serve as an accelerator towards his goal of creating the ultimate all-in-one app like WeChat.