Elon Musk Hints at Crypto Plans in First Twitter Assembly

Elon Musk Hints at Crypto Plans in First Twitter Assembly

Key Takeaways

  • Elon Musk held a meeting with Twitter workers at the unique time to discuss plans for the social network following his takeover.
  • Namely, he mentioned plans referring to the addition of crypto payments and plans to eliminate crypto scams.
  • The buyout has no longer been finalized, however Twitter is offering Musk with recordsdata that would possibly back the deal switch forward.

Elon Musk held his first beefy meeting with Twitter workers on Thursday. There, he mentioned his plans for cryptocurrency and a host of changes following his planned takeover of the social network.

Musk May maybe well Add Crypto Payments

At some stage in the meeting, Musk confirmed that cryptocurrency payments are one characteristic which would possibly be added to Twitter.

Musk acknowledged that it “would make sense to integrate payments into Twitter so that it’s easy to ship money aid and forth” and that such plans would possibly perhaps well possess “currency as well to crypto.”

Although Twitter added Bitcoin tipping below dilapidated CEO Jack Dorsey in 2021, Musk’s vision looks to be more comprehensive. Musk acknowledged he would “maximize the usefulness of the service” by making “Twitter so compelling that it is probably you’ll maybe well well perhaps’t live without it.” He known as payments even handed one of three severe areas alongside recordsdata and leisure.

Musk also famed that “money is fundamentally digital at this level, and has been for a whereas” and drew comparisons to PayPal.

Beforehand, Musk hinted at cryptocurrency payments on Twitter however did now not picture an intensive understanding. His earliest statements merely read: “Even perhaps an risk to pay in Doge[coin]?”

Musk Additionally Plans to Procure rid of Scams

Out of doors of cryptocurrency payments, Musk also famed that he objectives to eliminate cryptocurrency scams on the social network.

“There [are] pretty somewhat of crypto scams on Twitter,” Musk acknowledged. “It’s gotten better, however there’s peaceful a graceful bit of that.”

Musk then expanded on plans which were described earlier. He objectives to make Twitter’s anti-bot algorithms originate to public review. Moreover, he plans to add an no longer necessary paid-tier service that contributors can speak to level to their authenticity.

Musk’s excessive region has made him a frequent target of impersonation by Twitter scammers. As smartly as to having his record extinct in customary phishing attempts, Musk used to be also even handed one of many excessive-profile Twitter accounts hacked in an enormous crypto-linked rip-off in 2020.

That attack resulted in correct $118,000 stolen however seen over 130 accounts attacked—with harsh implications for Twitter’s integrity.

Changpeng Zhao Expresses Toughen

Changpeng Zhao, CEO of the main crypto swap Binance, has also reiterated toughen for Musk’s Twitter takeover.

This day, he supplied an update on those plans in an interview with Bloomberg. There, Zhao acknowledged that his company is following Musk’s lead in shifting forward with the snarl. “If Elon goes thru with the deal we’re dedicated…if he doesn’t, we’re off.”

He added that if Musk’s Twitter buyout does no longer be triumphant, Binance would be “a chunk of bit [disappointed].” He concluded: “We’re hoping so as to make a contribution to Twitter somehow.”

In May maybe well, it used to be reported that Binance planned to supply Musk with $500 million in expose to toughen the Twitter buyout.

Vow of Deal Is Serene Unsure

Regardless that Musk and Twitter remember seemingly confirmed the buyout several times, the deal has no longer but been finalized.

The buyout used to be interrupted in May maybe well when Musk demanded recordsdata in expose to make a selection how much Twitter job is real. On the 2nd, he suggested that he would commit to the deal simplest if no longer as much as 5% of Twitter’s accounts were chanced on to be fraudulent.

On June 8, Washington Put up reported that Twitter would alter to Musk’s demands and present him with a “firehose” of recordsdata. That capability the deal will soon switch forward.

It is far unclear whether or no longer there’ll be further impediments to the deal. The value of the sale is speculated to be $44 billion.

Disclosure: On the time of writing, the author of this piece owned BTC, ETH, and a host of cryptocurrencies.

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