Elon Musk, owner and Chief Executive Officer (CEO) of social media platform Twitter, has reportedly ordered Twitter developers to build the platform’s payment system so that it would be able to support crypto in the future.

According to the Financial Times report shared on January 30th, Musk’s plans were revealed by two people familiar with the matter. Initially, the payment system will support only fiat payments.

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The Financial Times reported that Twitter allegedly began the application process to receive state-based regulatory licenses, allowing the social media platform to accept payments.

A person familiar with the matter revealed that Twitter hopes to collect licenses from all US states by the end of the year.

The news about Elon Musk’s plans was quickly picked up by the Dogecoin (DOGE) fanbase. Twitter CEO is a vocal advocate for Dogecoin (DOGE). At the time of writing, DOGE retails for $0.0940, recording an 8.22% price increase in the last 24 hours.

It is not the first time the news about Twitter’s crypto plans made the price of DOGE surge. In October, the DOGE price increased by a whopping 40% after tech blogger Jane Manchun Wong claimed that Twitter is working on launching a crypto wallet prototype, supporting crypto deposits and withdrawals.

At the end of November 2022, after Elon Musk unveiled plans to make Twitter “the everything app,” Dogecoin’s price jumped by almost 20%.

In recent months, several rumors have been spreading about Twitter’s alleged plans to incorporate crypto into its platform, with the most recent related to Twitter’s native coin, dubbed Twitter Coin. The digital coin was suspected to be used for in-app payments, including tipping other users.

by Gile K. – Crypto Analyst, BitDegree