Twitter is making moves to launch a payment processing product that could compete with PayPal. Last week, the company filed registration documents with the U.S. Treasury Department, which should allow it to transfer money, exchange currency or cash checks, and require it to report suspicious transactions.
While details about the new payment product are scarce, a person familiar with the project told The Information that it is going to accept cryptocurrencies, and probably Dogecoin, which has already received support from Musk more than once. Even earlier, Tesla began accepting it in its gift shop.
Elon Musk, who purchased social network for $44 billion in October, had become known in the technology industry as the co-founder of the payment company PayPal. He previously said he wanted to turn Twitter into an “everything app” that would combine communication and payments, similar to the Chinese social network WeChat.
Musk is looking for new sources of revenue for Twitter, which has long relied on an advertising model. The company is in the process of modernizing its subscription service Twitter Blue, which will charge users $8 per month for an advanced feature set, including a blue verification icon.
Earlier Wednesday, Twitter released a separate verification badge that marked the accounts of certain public figures and media organizations as “official,” but it disappeared as quickly as it appeared. “I just killed it,” Musk wrote.