Twitter Gains Money Transmitter Licenses in Three US States

Crypto Currency Payment Services by Twitter Payments

Twitter Payments LLC, a subsidiary of Elon Musk’s Twitter social network, has been approved for money transmitter licenses in Michigan, New Hampshire and Missouri, making it the first company to receive such licenses.

A money transmitter license is designed to provide consumer protections when transferring money from one party to another, as opposed to a license to conduct sales. It is still unknown what services Twitter Payments will be offering, however, some speculate it will be similar to those provided by Stripe, Venmo and PayPal.

Twitter Payments has applied for licenses in all 50 U.S. states, although there is no timeline for when the approvals will be complete. CEO Linda Yaccarino has yet to provide any details about the company’s plans, but it is expected to initially offer fiat currency transaction services.

Twitter’s Crypto-Currency Services

Rumors have been circulating that Twitter is planning to offer its own cryptocurrency token, called “Twitter Coin”, and a wallet to store it. This would be in line with CEO Elon Musk’s promise that the company would “do lots of dumb things”, or in other words, move quickly and take risks.

In the future, Twitter is reportedly intending to open up its platform to crypto-currency services. This could be a polarizing move, as the site recently limited the number of posts a non-paying user can read in a given period to just 500.

However, the site quickly reversed this decision on Wednesday, July 5th, allowing users to view posts regardless of whether they are logged in to their Twitter accounts. This decision may be an indication that Twitter is serious about its crypto-currency plans and is willing to make the necessary changes to accommodate them.