Social media platform Twitter has started its application process for regulatory licences in the United States along with payment system software, reports revealed on Monday.
The Financial Times revealed that Tesla chief executive Elon Musk kicked off the revenue search for a crypto payment system along with Esther Crawford, director of product management at Twitter.
Citing two sources familiar with the matter, FT reported that the measures aimed to shore up funds for the company after the billionaire bought it for $44 billion USD in October last year.
The report added that Musk aimed to offer new fintech services, including “peer-to-peer transactions, savings accounts and debit cards.”
Additionally, the new payment system will accommodate fiat currencies but will later add cryptocurrencies. News of the integrations caused Dogecoin (DOGE) to spike to $0.09128 at 17:25 GMT on Monday.
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Musk is leveraging his fintech experience from his 1999 venture to co-found X.com, leading to the creation of PayPal. Crawford aims to create a user data storage vault, the sources told FT.
Twitter also aimed to create regulatory checks for opening the payment service after registering payment processing technologies with the US Treasury in November.
Musk filed for several state licences and expects to submit more shortly after with a target completion time of one year. The sources added the company aims to push for licences globally.
The news comes after Musk bought out Twitter in October last year, leading to mass redundancies at the tech giant. The newly-appointed owner later hinted at using Dogecoin for Twitter Blue payment subscriptions and other fintech-related purchases.
The move spiked Dogecoin to $0.17 in April, but later plummeted to $0.05 in June due to a row with executives in the company. Musk was later appointed as “Chief of Twit” at the firm in October.
Twitter later expanded its crypto price listings with 30 additional tokens for its $Cashtags platform, which lists Bitcoin, Ether, and others.
