X, Elon Musk's Social Media Platform, Prepares To Launch Crypto Payment Feature

Twitter plans to apply crypto payments. (Photo; Doc. Livecoin)

The social media platform, formerly known as Twitter, has now announced a name change to X as part of the overall rebranding strategy led by Elon Musk.

In these changes, the popular bird logo of the platform will be replaced with the X logo. Musk revealed that this step aims to diversify the company's revenue stream while maintaining its existence amid declining advertising revenue.

The rebranding also marks X's serious preparation for entering the world of cryptocurrencies. Twitter Payments LLC, which is part of platform X, recently obtained licenses from several states that allow it to process crypto payments. The move gives a strong signal that the company is considering the integration of cryptocurrencies in its app features.

The announcement of the potential for crypto integration has attracted the attention of many parties, especially crypto users and investors. This news also has a positive impact on the price of popular memecoin, Dogecoin (DOGE), which experienced a 7% jump after being reported about X's plans.

At the same time, the idea of circulating crypto on social media has also received criticism from several parties. Concerns about regulatory approval and obstacles in gaining public trust are of major concern. Especially in the United States, regulatory supervision of crypto payments is getting tighter. Even so, this did not dampen X's plan to consider crypto payments as one of its flagship features.

Elon Musk, a well-known supporter of Dogecoin, has not explicitly referred to the coin as X's future currency. However, the online community of Dogecoin continues to speculate about the potential collaboration. With the newly obtained license, X opens up opportunities to explore the various possible crypto payments on its platform.

Responding to the name change and plan to introduce crypto payment features, the newly appointed new CEO X, Linda Yaccarino, stated:

"This is a very rare moment - in private or business life - where we get a second chance to create a big impression. Twitter has had a huge impact and has changed the way we communicate. Now, with a new identity as 'X', we will go even further to change the global landscape of communication."

Rebranding to X and this potential crypto payment feature marks an ambitious move for the company under Elon Musk's leadership. With all the innovations being carried, X hopes to maintain its relevance and remain a major player in the global social media and technology industry.