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Twitter receives money transmitter licenses in three US states

July 5, 2023No Comments


Twitter Payments LLC, a subsidiary of Elon Musk's Twitter social network, appears to have received its first money transmitter licenses after Michigan, New Hampshire and Missouri approved the company's applications.

A money transmitter license allows a business to provide transfer services or payment instruments. This differs from a license to make sales in that it is intended to provide consumer protection for businesses that facilitate the transmission of money from one party to another, not just the purchase of goods and services.

It's unclear at this point exactly what offerings will be available if and when Twitter Payments eventually rolls out. The company applied for licenses in all 50 US states and there is no clear timeline for the approval process.

Related: Meta's Twitter rival Threads is set to launch on July 6, but will the crypto community move?

Even assuming a clean sweep of approvals, Musk and CEO Linda Yaccarino have yet to offer many details. People familiar with the company's plans. indicate that Twitter Payments will initially offer fiat currency transaction services, perhaps similar to those provided by Stripe, Venmo, and Paypal.

In the future, the company reportedly intends to open up the platform to cryptocurrency services. It is also rumored that Twitter Payments plans to offer its own token with a project called "Twitter Coin" and that the company will even introduce its own wallet.

As Cointelegraph previously reported, this all falls under Elon Musk's promise that Twitter "do a lot of silly thingsโ€, another way of saying that the company will adhere to the modern technological mantra of โ€œmove fast and break thingsโ€.

In recent news, some of the changes have been portrayed as polarizing at best. Twitter adjusted site speed limiter - a feature that limits the number of posts a user can read in a given period - to only 500 posts by non-paying users.

The site also recently restricted the ability to view posts to those currently logged in to their Twitter accounts. This change was silent terminated on Wednesday, July 5, according to reports from TechCrunch and Engadget.