The dog-themed memecoin Dogecoin (DOGE) is soaring as news spreads that Elon Musk is reportedly making moves that could bring crypto payments to Twitter.
According to the Financial Times, Twitter is applying for regulatory licenses throughout the United States to permit payments on the microblogging platform.
Twitter is simultaneously building software to add a payments function for its social media users, per the report.
The news sent DOGE on a big rally, from a low of $0.084 to a high of $0.0947, a more than 12% increase. DOGE is now worth $0.0929 at time of writing.
Musk, a well-known Dogecoin supporter, purchased Twitter for $44 billion last October and has talked about his intention to bring fintech services to the popular platform.
According to the report, Musk has tapped Twitter’s director of project management, Esther Crawford, to design the payments software architecture. She joined the company in 2020.
Twitter registered with the US Treasury back in November to function as a payments processor and began to apply for the required state licenses to provide the payment service, says the report. Twitter hopes to finalize state approvals within the year and then work on international regulatory approvals.
Musk envisions a range of payment activity on the platform, including rewards for content creators, purchases of goods and peer-to-peer transactions, according to the report.
The new payments feature is reportedly to launch initially with fiat currency but will have the capability to add cryptocurrencies later on.
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