Twitter Secures Money Transmitter Licenses in Three U.S. States

Twitter Payments LLC, a subsidiary of Twitter, has successfully secured its first money transmitter licenses in Michigan, New Hampshire, and Missouri. These licenses authorize the company to provide transfer services and payment instruments, ensuring consumer protection for money transmission activities.

While the exact offerings of Twitter Payments are yet to be announced, the company has applied for licenses in all 50 U.S. states. The approval timeline for the remaining states remains uncertain. However, insiders familiar with the matter suggest that Twitter Payments will initially focus on fiat currency transaction services, potentially similar to popular platforms like Stripe, Venmo, and PayPal.

Looking ahead, the company reportedly plans to expand its platform to include cryptocurrency services. There have been rumors of an upcoming project called “Twitter Coin,” along with the possibility of Twitter unveiling its own digital wallet.

These developments align with CEO Elon Musk’s promise that Twitter would embrace innovative endeavors and explore new opportunities. The company has been known to make controversial changes, such as limiting the number of posts non-paying users can access and temporarily restricting post visibility to logged-in users.

While Twitter Payments continues to shape its offerings and expand its reach, its entry into the realm of digital payments holds potential for further disruptions in the financial technology space.

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