Elon Musk apparently intends to add crypto capabilities to a payments service

Elon Musk’s Twitter intends to provide payment systems that might incorporate cryptocurrency functionality.

The value of Dogecoin (DOGE), Elon Musk’s preferred cryptocurrency, has increased due to recent events on Twitter. According to a report from the Financial Times, Twitter has been developing software to facilitate payments on the network. Moreover, this platform might support crypto.

In addition, the social media behemoth has applied for licenses in a number of U.S. states. Twitter has already registered with the US Treasury Department as a payment processor in November 2022. Additionally, the company anticipates completing all licensing processes by the end of this year.

Notably, the initiative is led by Esther Crawford, Twitter’s chief executive officer of payments. The company is purportedly creating a vault for keeping and safeguarding the information acquired by the payments platform on its customers. Moreover, the article adds that Musk wants the payments platform to be currency oriented. However, it would be constructed such that it might accommodate cryptocurrencies in the future.

In addition, Musk announced intentions to provide payment services to Twitter in October 2022. The CEO of Tesla desires Twitter to provide financial services such as savings accounts and debit cards. Musk has said that Twitter “probably accelerates X by three to five years, but I may be wrong” as part of his big plan for Twitter.

According to CoinMarketCap, the price of the popular meme-coin at press time was $0.0911. DOGE has risen by more than 3 percent in the last hour and has a market capitalization of over $12 billion since the news broke.

Musk’s Tesla thus continues to hang onto its Bitcoins (BTC). During the last months of 2022, the company did not purchase or sell any Bitcoins, according to the newly revealed Q4 report. However, its Bitcoin assets did incur losses, with the currency losing $33 million in value since the third quarter.

In Q4, Tesla’s BTC was valued $184 million, compared to $218 million in Q3. Notably, the corporation initially invested in BTC in 2021, but by mid-2022, it had liquidated more than 75% of its $1.2 billion investment.

Also Read: Binance And Mastercard Are Offering Prepaid Cards In Brazil As Regional Interest In Crypto Surges