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 then, many advertisers have left the platform, negatively impacting the company’s revenue stream. The new CEO launched a subscription service and continues to seek an alternative to mitigate the company’s financial problems.
In that sense, the social network is focused on enabling payments on its platform under the leadership of Esther Crawford, the Financial Times claims. These efforts are a “critical” element of a larger strategy to bolster the company’s revenue streams.
Peer-To-Peer Payments With Dogecoin?
The report claims that Elon Musk has publicly revealed his plans to roll out peer-to-peer transactions with bank accounts and debit cards on the network. These features are part of a “master plan” to build the “everything app,” as the report calls it.
Like other social networks where users can message their contacts, shop, and make payments, Twitter would expand beyond its current services. In this context, cryptocurrencies could play a big role.
Elon Musk is a big Dogecoin proponent, and any plans to incorporate payments on Twitter include the meme coin naturally. At least, this is the market’s perception of recent events.
As of this writing, Dogecoin (DOGE) saw a 5% spike in its price action but has been unable to break above critical resistance. The meme coin follows the general sentiment in the market, recording losses during today’s trading session.
A Twitter “super app” with Dogecoin payments could usher in a new adoption era for the cryptocurrency and potentially allow it to reclaim previously lost territory. DOGE recorded an all-time high in 2021 on the back of a campaign in its favor spearheaded by Elon Musk and other personalities.
Twitter’s Master Strategy
Furthermore, the FT report claims that Twitter already filed a registration as a payments processor with the U.S. Treasury. This application suggests that, if approved, the Twitter “super app” could materialize sooner than expected.
The company is in pursuit of additional licenses, which will be “filed shortly,” according to the report. This stage precedes an international strategy to obtain the necessary licenses to take Twitter to the next level. According to Lucy Ingham, head of content at FXC Intelligence, quoted by the FT: “Twitter is already a platform on which payments happen, so it’s kind of a no brainer.”