- A money transmitter license is required before a business may provide money transfers.
- The firm apparently has plans to allow crypto services on the platform in the near future.
It seems that Elon Musk’s Twitter business, Twitter Payments LLC, has been granted its first money transmitter licenses in the states of Michigan, New Hampshire, and Missouri.
A money transmitter license is required before a business may provide money transfers or other forms of electronic payment. This is not the same as a license to sell, since its purpose is to safeguard customers of enterprises that allow the transfer of funds between individuals rather than only between corporations.
If and when Twitter Payments launches, it is yet unknown what services will be available. No one knows when the corporation will get its licenses from the fifty different states in the United States where it has applied.
Crypto Payment Services Not Far
Musk and CEO Linda Yaccarino have not provided many specifics thus yet, and that’s assuming they get all necessary clearances. Twitter Payments, according to sources with knowledge of the company’s intentions, would first provide fiat currency transaction capabilities, perhaps comparable to those offered by PayPal.
The firm apparently has plans to allow crypto services on the platform in the near future. Musk’s open support for crypto and specifically Dogecoin is known to all.
It has also been speculated that Twitter Payments, under a project codenamed “Twitter Coin,” may release its own coin and accompanying wallet.
Some of the adjustments have been met with mixed reviews. Twitter’s rate limiter, a feature that restricts the number of postings a user may read in a certain period, has been adjusted so that free users can read no more than 500 in that time.
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