Twitter Plans To Create A ‘More Efficient’ Financial System: Elon Musk

Lavina Daryanani
Source: CNN

Consistent improvements are quite essential for the evolution of any sector. With time, technology becomes obsolete, and a new void gets created. Well, such is the case with the traditional financial system at the moment. In fact, with the advent of DeFi and more transparent solutions, people have been flocking from one system to another.

In a recent Twitter space, Elon Musk went on to highlight how existing traditional finance platforms are not up to the mark and have a lot of scope for improvement. He outrightly bashed the existent system and labeled it to be “very inefficient.” He called out the system for being centralized and heterogeneous. In effect, another new system could be created to fill the shoes. Specifically, Musk said,

“I think there’s potential to create a more efficient financial system.”

Money is just information: Musk

With several problems plaguing the traditional financial landscape, a new system with tailor-made specifics may elevate convenience for consumers. Musk also stressed that it doesn’t make sense to unnecessarily disrupt things. “If there’s a better product, that’s great,” he said. However, the need of the hour is to create a much more well-equipped system. Elaborating on the same, he said that to fill that real-time, it’s possible to have an even more efficient, homogenous real-time data system. Musk went on to exclaim that “money is just information.” He added,

“That’s the only thing that’d be poetic to fulfill automatically the vision that I have for X.”

For context, Elon Musk intends to convert Twitter into an “everything app” called X. Alongside, it is worth noting that the platform has already started applying for regulatory licenses to enter into the U.S. payments business. As reported by Watcher Guru, Twitter is designing the software to eventually introduce payments throughout the platform. In fact, Esther Crawford, a high-ranking Twitter employee, has started to map out the architecture needed to facilitate payments on the platform, alongside a small team of employees.

Also Read: Twitter Begins Applying for Regulatory Licenses to Enter US Payments Business