Musk's Twitter Payment Vision in Tune With Fiat-Crypto Gateway Alchemy Pay
Elon Musk’s Twitter has fallen into revenue difficulties, hoping to find new sources of revenue outside the original $5 billion a year advertising business model.
Notably, the payment system will first support payments in fiat currency, but the idea of adding cryptocurrency payments has been included in the initial idea, according to informed sources. With Twitter being the main battleground for the Web3 project’s social media presence and Musk himself being a long-time holder of Dogecoin, there is speculation that Musk intends to lead Twitter into the crypto payments business and make payments a part of Twitter’s grand vision.
In addition to the broader prospect of crypto payments due to the higher acceptance of digital assets by enterprises and businesses, crypto payments also have advantages that traditional payments do not have and broader application scenarios. For example, in the cross-border payment scenario, the clearing and settlement efficiency of crypto payment will be much higher than that of traditional cross-border remittance transfer.
As a crypto payment gateway bridging Web2 and Web3, the quantity and quality of access to local channels is an important criterion to test the ability of payment service providers. More local payment channels mean that users have a broader choice, and can support users to complete transactions using their most familiar payment methods, allowing a seamless transfer of various tokens on the blockchain to fiat currency or vice versa.
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