Musk is hoping to turn Twitter into a ‘super app’
Elon Musk plans to turn Twitter into a money service business where users could send currency back and forth – including cryptocurrencies such as dogecoin and bitcoin.
On November 4, the Tesla CEO submitted an application with the US Treasury Department Financial Crimes Enforcement Network (FinCEN). The filing stated that Twitter plans to conduct money services in the United States and several of its international territories.
The move comes as little surprise to those who have been keeping track of the Twitter owner. He has previously made allusions to Twitter’s development into a ‘super app’, that does video chats, messaging, streaming and payments.
This would make the ‘super app’ ever-present in the country, in a similar way to WeChat is in China, the Independent reports.
Yep, Twitter Payments LLC registered with FinCEN a few days ago as a money transmitter. You can verify its registration on FinCEN's search page: https://t.co/cKJ9rCpd2F pic.twitter.com/7zo8tWDdmq
— John Paul Koning (@jp_koning) November 9, 2022
It is no secret that Musk has a keen interest in crypto. Last year, Tesla invested $1.5 billion in digital currency bitcoin and announced plans to start letting customers pay for their products with cryptocurrency.
He has tweeted on numerous occasions about a number of different coins – often prompting huge movements in crypto markets – and has been a vocal cheerleader of dogecoin.
When he hosted Saturday Night Live last year, he performed skits as the ‘Dogefather’, prompting the meme-inspired coin to rise from $0.25 to $0.30 in less than 15 minutes.
And earlier this month, he tweeted a picture of a Shiba Inu dog – the digital coin’s mascot – in a Twitter shirt, in a seeming hint that future integration is coming.
— Elon Musk (@elonmusk) November 1, 2022
When one of his followers asked if he was “working on a doge solution for Twitter or working with devs for a doge payment system on Twitter”, Musk simply replied with the sideways-looking eyes emoji.
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