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Musk’s Twitter Payment Vision in Tune With Fiat-Crypto Gateway Alchemy Pay – Sponsored Bitcoin News

Musk's Twitter Payment Vision in Tune With Fiat-Crypto Gateway Alchemy Pay – Sponsored Bitcoin News

Elon Musk’s Twitter has fallen into revenue difficulties, hoping to find new sources of revenue outside the original $5 billion a year advertising business model.

According to a recent Financial Times report, Musk is betting this ambition for revenue growth on the payments business. He has said he wants Twitter to become a “universal app” that combines information, payments and commerce. As part of the plan, Twitter intends to provide fintech services, such as peer-to-peer transactions, savings accounts and debit cards. Previously, Twitter has been testing the payment business in scenarios such as rewarding creators.

An official document shows that Twitter has registered as a payment processor with the U.S. Treasury Department in November 2022 and began actively applying in various states to obtain the licenses required for the payment business, which is expected to be completed within a year to meet the regulatory and compliance needs of Twitter payments.

Notably, the payment system will first support payments in fiat currency, but the idea of adding cryptocurrency payments has been included in the initial idea, according to informed sources. With Twitter being the main battleground for the Web3 project’s social media presence and Musk himself being a long-time holder of Dogecoin, there is speculation that Musk intends to lead Twitter into the crypto payments business and make payments a part of Twitter’s grand vision.

As a result of this expectation, Dogecoin (DOGE) rose after the news was released, gaining 10% in 24 hours with a surge in trading volume. Other crypto payment concept tokens such as $MOB and $ACH etc. all saw 30%+ gains.

Crypto Payments Providers Have Competitive Landscape

Musk’s idea of leading Twitter into the crypto payments is not unfounded. While cryptocurrencies are already widely recognized and used, crypto payments are still at a relatively early stage when traditional mobile payments are so well developed. PayPal is currently the world’s largest online payment provider with over 400 million active users worldwide, while MoonPay, the leading payment provider positioned as “PayPal for Crypto”, has only 7 million verified users. Twitter, with its base of users and natural proximity to Web3, has a lot of space to play.

Cointelegraph Research released a report in 2022 that provides a detailed breakdown of how traditional businesses access crypto payments. The report noted that a lot of well-known…

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