Twitter Payments Secures Initial Money Transmitter Licenses Amid Twitter Coin Rumours
TL;DR Twitter Payments LLC, a subsidiary of Elon Musk’s social network, has received money transmitter licenses from Michigan, New Hampshire, and Missouri. The company is expected to offer transfer services and payment instruments, potentially resembling the services offered by Stripe, Venmo, and PayPal. Speculations have also surfaced about the company’s intention to introduce its own token through a project known as “Twitter Coin” and the development of its own digital wallet.
Twitter Payments LLC, a subsidiary of Elon Musk’s Twitter social network, has made progress in its venture as it has received money transmitter licenses from Michigan, New Hampshire, and Missouri.
These licenses enable the company to offer transfer services and payment instruments, emphasizing consumer protection in money transmission rather than just the purchase of goods and services.
Although the exact nature of Twitter Payments’ offerings remains uncertain, the company has applied for licenses in all 50 U.S. states.
However, there is no clear timeline for the approval process, and both Musk and CEO Linda Yaccarino have yet to provide substantial details regarding their plans.
According to insiders familiar with the company, Twitter Payments will initially focus on providing fiat currency transaction services, potentially resembling the services offered by Stripe, Venmo, and PayPal.
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In the future, Twitter Payments reportedly aims to expand its platform to include cryptocurrency services.
Speculations have also surfaced about the company’s intention to introduce its own token through a project known as “Twitter Coin” and the development of its own digital wallet.
Elon Musk’s commitment to making daring decisions is evident in his statement that Twitter would “do lots of dumb things,” aligning with the mantra of the modern tech industry to “move fast and break stuff.”
While these changes have sparked mixed reactions, some changes implemented by Twitter have raised eyebrows.
For instance, the platform limited non-paying users to accessing only 500 posts within a specific timeframe through the rate limiter feature.
Furthermore, the recent restriction that required users to be logged into their Twitter accounts to view posts was quietly rescinded on July 5, according to reports from TechCrunch and Engadget.
As Twitter Payments progresses with its licensing and development, users and industry observers eagerly await further announcements from Elon Musk and Linda Yaccarino, hoping for more clarity on the company’s future plans and potential impact on the financial and cryptocurrency sectors.
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