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Elon Musk advocates greater cryptocurrency integration on Twitter

Elon Musk advocates greater cryptocurrency integration on Twitter

Billionaire calls digital payments a critical area and part of his strategy to keep attracting users.

According to the Vox website, Elon Musk mentioned three critical sectors of social network development, namely, news, entertainment, and payments.

“I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth. And if you have currency as well as crypto. Essentially, whenever somebody would find it useful”, he said. 

In April, the billionaire entered into an agreement to acquire the social network for $44 billion. Once the deal closes, it will become a public company. The cryptocurrency exchange Binance allocated $500 million to finance Musk's purchase of Twitter. In total, Musk raised $7.1 billion in funding from a group of "equity investors".

Late last year, Twitter introduced the option to send donations in bitcoins using the Lighting Network. In February 2022, the social network started supporting Ethereum addresses for its mobile donation service. Also, in January, Twitter got an opportunity to set an NFT as a profile picture. This feature is available to subscribers of the premium Twitter Blue service using devices running on the iOS operating system.

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