Twitter Granted Money Transmitter Licenses For US Payment Services

By Kevin • July 8, 2023 11:02 pm • Comments

There has been many rumors for some time now that Twitter would eventually enter the payments space and integrate crypto into its ecosystem.

It seems like those predictions becoming more and more likely to be true as it was just recently announced that Twitter was granted money transmitter licenses for US payment services.

These licenses will essentially allow the company to enter the payments space and is part of the company’s strategy to obtain additional sources of revenue.

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Musk had previously commented about his vision to turn Twitter into an “everything app” and the fact that crypto is included as part of that plan is extremely bullish.

This is because this incentives other social media platforms to eventually do the same thing if Twitter is able to do it successfully.

Watcher.guru reports:

The vision of Musk to become an everything app is slowly turning to a reality. According to the latest details that surfaced, Twitter has received the first three money transmitter licenses for payment services in the US.

Details from the NMLS consumer access document show that the social media giant has been granted three money transmitter licenses.

The first license is in Michigan, followed by New Hampshire and a sale of checks and money transmitter license in Missouri.

Earlier reports revealed that Musk’s social media platform has been developing the necessary infrastructure to enter the payments business.

With Twitter receiving three money transmitter licenses in the US, other US states are also likely to follow suit.

With that being said, these money transmitter licenses only cover three US states and it seems that there is still quite  a long way before the company is able to get a response from all the states.

Actual confirmation of the payment services that Twitter would provide has still not been provided by the company even if the company did get approval by all 50 states.

It is expected that fiat services will likely be provided first and then followed by crypto due to the strong demand and interest.

There have been rumors that Twitter might even launch its own wallet and its own token called “Twitter coin” which is quite ambitious.

CoinTelegraph concludes:

As Cointelegraph previously reported, all of this falls under Musk’s promise that Twitter would “do lots of dumb things,” another way of saying the company would adhere to the modern tech mantra of “move fast and break stuff.”

Some of the changes have come across as polarizing at best. Twitter tweaked the site’s rate limiter — a function that limits the number of posts a user can read in a given period — to a mere 500 posts per non-paying user.

The site also recently restricted the ability to view posts to those who were logged into their Twitter accounts. This change was quietly rescinded on Wednesday, July 5, per reports from TechCrunch and Engadget.

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