Twitter Acquires Regulatory Licenses—Crypto Integration Coming Soon?

July 6, 2023 12:53 pm Comments

Recent filings from Twitter indicate that the tech giant may soon be adding some potentially robust features—features that could change the direction of Twitter forever.

Twitter Payments LLC has gained regulatory approval to act as a money-transmitting service in 3 U.S. states: New Hampshire, Missouri, and Michigan.

This recent development has fueled speculation as to what kind of assets or transactions Twitter is attempting to facilitate on the social media platform.

Elon Musk—jokingly referred to as the ‘Dogefather’, previously signaled his support for cryptocurrencies, though it remains to be seen whether crypto payments are coming to Twitter. The recent filing read:

Coin Telegraph explained:

A money transmitter license allows a company to provide transfer services or payment instruments.

This differs from a license to conduct sales in that it’s meant to provide consumer protections for businesses that facilitate the transmission of money from one party to another, not just the purchase of products and services.

Cryptonomist speculates:

Indeed, the company’s goal is precisely to integrate payment features within its app.

Indeed, the new owner, Elon Musk, has repeatedly stated that he is inspired by WeChat, which is a Chinese messaging app that has not only integrated a microblogging platform similar to Twitter, but has also become one of the leading daily payment tools in China.

Musk’s idea is to create a kind of super-app for Western countries, for now simply called X.

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