Ever since its beginning, Elon Musk’s attempt at purchasing Twitter has been surrounded by theories about how the multi-billionaire could “transform” the social media into a crypto-friendly platform.
And as it turns out, Twitter just took the first step in order to becoming more “crypto-friendly”.
This week, Twitter applied to become a financial services company, according to a FinCEN filing.
Twitter Payments LLC registered and filed its application to become a money transmitter on November 4, 2022.
According to the request, Twitter intends to provide monetary services in the United States as well as on a number of international territories.
This measure is part of Elon Musk’s platform plans, which he promised would transform Twitter into an “all-encompassing app” with access to a variety of services.
Dogecoin Affected By FTX Meltdown
The meme coin was one of the most affected by the recent disastrous series of events surrounding the cryptocurrency exchange FTX.
After the confirmation that Elon Musk had purchased the social media platform, Dogecoin entered a serious rush, gaining value by the day.
However, after the turmoil surrounding FTX’s downfall, DOGE lost nearly 40% of its value.
But since the announcement of Twitter’s FinCEN filing, Dogecoin picked up where it left off. The meme coin gained nearly 19% in just 24 hours after the news hit.
The Perfect Crypto For Twitter
Dogecoin, alongside its partner meme coin Shiba Inu, has the potential of fitting perfectly with the idea of Twitter as a financial platform.
Both currencies have a lot to gain if Musk really comes forward with his plan of implementing cryptocurrency payments on Twitter.
Shiba Inu also gained significant value after Twitter announced its FinCEN filing. SHIB went up by nearly 12% in just a couple of hours after the release of this information.
Elon Musk himself believes in the potential of these meme coins. For starters, they are a lot easier to promote online, due to their “funny” nature.
Secondly, Musk believes that assets like DOGE and SHIB are much more functional in the real world when compared to Bitcoin.
“Fundamentally, Bitcoin is not a good substitute for transactional currency,” Musk told Time Magazine last December after being named Time’s 2021 Person of the Year. “Even though it was created as a silly joke, dogecoin is better suited for transactions.”
