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Per a report from the Financial Times (FT), Twitter has been trying to find new sources of revenue, and crypto and Dogecoin (DOGE) could be part of a new strategy to achieve this objective. The company has submitted petitions for regulatory licenses in the United States to “turnaround the business.”
Last year, Musk acquired Twitter in a multi-billion-dollar deal. Since that time, many advertisers have left the platform, which has had a negative impact on the company's income. The new CEO has launched a subscription service and continues to look for an alternative to alleviate the financial difficulties of the company.
In this sense, the social network is focused on payment facilitation on its platform led by esther Crawford, the financial claims period. These efforts are a "critical" element of a broader strategy aimed at strengthening the company's sources of income.
Payments go hand-in-hand with dogecoin?
The report states that Elon Musk has made public his intention to engage in peer-to-peer transactions with bank accounts and debit cards on the network. These functionalities are part of a "master plan" for constructing the "all" application, as the report calls it.
Like other social networks where users are able to send messages to their contacts, make purchases and make payments, Twitter would expand beyond its existing services. In this context, cryptocurrencies have the potential to play an important role.
Elon musk is a great dogecoin fan, and any plan to embed payments on twitter includes the same corner of course. That is at least what the market perceives from recent developments.
As we write these lines, the Dogecoine (Doge) has experienced a 5% increase in its price, but has not succeeded in overcoming critical resistance. The coin tracks the overall market sentiment, posting losses at today's trading session.
A "super app" twitter with dogecoin payments could usher in a new era of adoption for cryptocurrency and potentially enable it to recover previously lost territory. Doge set an all-time record in 2021 on the back of a campaign in its favour led by elongated musk and other celebrities.
Primary strategy of Twitter.
In addition, the FT report states that Twitter has already submitted an application for registration as the person responsible for processing payments to the US Treasury. This application suggests that, if approved, twitter's "super application" could become a reality sooner than expected.
The company is looking for additional licences, which will be 'filed soon,' the report says. This step is in advance of an international strategy to secure the licenses needed to take Twitter to the next level.
According to Lucy Ingham, Chief Content Officer of FXC Intelligence, quoted by the FT: "Twitter is already a platform on which payments occur, it's a little obvious."
