Bitcoininvestments
Bitcoininvestments
Market news and updates posted daily.
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Elon Musk is all set to rebrand Twitter’s iconic blue bird logo into X. The reshaping of the social media giant could also integrate payment systems across the world. Users might be able to send and receive money through Twitter’s X, hinted the billionaire in a recent interview.
Musk is bullish on X and forecasted that the payment integration could become half of the global financial system. However, he cautioned that its success could be possible only if things fall into place as planned and are done right.
“X would become half of the global financial system,” said Musk adding, “if done right”. The tech entrepreneur did not reveal further details about the payment systems but laid it out there that Twitter could take a new turn in the financial world.
Musk has been making constant changes to Twitter after he purchased the social media giant in October last year. He brought Twitter for $44 billion and has been championing making it better in terms of user experience.
Twitter’s new CEO Linda Yaccarino tweeted that X is just getting started, indicating that there would be many more changes in events. “For years, fans and critics have pushed Twitter to dream bigger, to innovate faster, and to fulfill our great potential. X will do that and more. We’ve already started to see X take shape over the past 8 months through our rapid feature launches. But we’re just getting started,” she tweeted.
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Visa has announced that it is expanding its stablecoin settlement capabilities. Apart from Solana (SOL), the firm is also working with merchant acquirers Worldpay and Nuvei.
Visa already has a dedicated account with Circle, USDC’s issuer. The firm will now send USDC out of its treasury to WorldPay and Nuvei. In turn, the two firms will directly facilitate payments for merchants. Visa decided to use the Solana (SOL) network over Ethereum (ETH) due to its faster transaction speeds. Solana (SOL) also has a lower fee compared to Ethereum (ETH).
According to Cuy Sheffield, Head of Crypto, Visa, “By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury.”
However, Sheffield did mention that the processing time to send funds in or out of its treasury would remain the same. This is despite promises of faster transactions from stablecoins. According to Jeremy Allaire, Circle’s co-founder, and CEO,
“Expanding the pilot exemplifies how pairing USDC with Visa’s innovation opens up the future of payments, commerce, and financial applications.”
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