Twitter is designing a system to permit payments through the social-media platform. Billionaire owner Elon Musk wants it "first and foremost" to be for fiat currencies but he wants the ability to add cryptocurrencies later, the Financial Times reported Monday.

Dogecoin (DOGE) spiked to its 24-hour high after the news broke. Musk has long professed a love of the meme coin.

Read more: Dogecoin Soars as Elon Musk's Twitter Deal Nears Completion