Elon Musk, the CEO of Twitter, has given his developers instructions to reconstruct the platform’s payment system. The new format will enable the addition of crypto capabilities in the future.
According to a Financial Times story published on January 30, the payments function is designed to initially handle fiat currencies. However it also has capabilities to incorporate cryptocurrencies – should the occasion arise.
Great News for $FBX
KXCO.io gained Elevated API access to Twitter to build a range of functions that centre around creating new utility for $FBX holders. The ongoing development of $FBX to become the leader in Web3 currencies fits in well with the expanded Twitter potentially reaching the Crypto market, combined with KXCO’s own applications that will use the Twitter platform.
FBX the Asian based alternative to traditional currency is in the perfect market, it is estimated that there are over 5 billion internet users in Asia, representing more than 50% of the world’s total internet users and as Web3 rolls out FBX will be in big demand.
Cryptocurrency adoption in Asia is growing rapidly, with many countries in the region embracing digital assets as a viable form of payment. The exact dollar value of crypto transactions in Asia is difficult to quantify, as the market is highly volatile and decentralized. However, in 2020, Asia accounted for approximately 45% of the global cryptocurrency trading volume. According to CoinGecko, the total trading volume in Asia was around $400 billion.
The region is home to the world’s largest population of Internet users and is an increasingly attractive market for blockchain-based startups. In the last few years, there has been a surge in the number of projects, events, and investments related to blockchain technology in the region. This includes an increase in venture capital investments in blockchain startups, increased interest in blockchain-based projects, and the launch of a number of blockchain-related initiatives. Additionally, governments in the region have been supportive of blockchain technology and are beginning to introduce legislation to regulate the industry. As a result, Web3 growth in Asia is likely to be strong in the coming years.
Musk on the Future of Twitter
Musk’s declared goal to turn Twitter into a “everything app,” the social media network has long hinted about money acceptance.
Nevertheless, it is yet unclear if these payments would use blockchain or cryptocurrency technology. Despite the fact that the Twitter CEO sees cryptocurrency as playing a significant role in Twitter’s future.
Images of “Twitter Coins,” a secret in-development digital asset to be used for payments and tipping on the site, were released in the first few days of December, stoking hopes among many that it would somehow include cryptocurrency.
To the dismay of the community, the more recent leaked photographs of the project from early January omitted any mention of crypto or blockchain technology.
Last October, there were allegations that Twitter was developing a prototype wallet that would enable crypto deposits and withdrawals. However, it seems that the payments system will continue to function only on fiat for the time being.
In order to handle payments, “Twitter Payments LLC” registered with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department in November.
Around the same period, during a Twitter Space event, Elon Musk publicly outlined his vision for the network. Some of his ideas were the addition of debit cards, and the linking of existing bank accounts directly to existing Twitter profiles.
According to one of the Financial Times’ sources, Twitter would aim to get regulatory permits abroad after the granting of the U.S. licenses.
To speak to a professional in Cryptocurrency, contact KXCO.IO.