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Twitter Gains Regulatory Approval for Financial Services Expansion

Twitter, the formidable rival of social media giant Twitter, has received regulatory approval from three U.S. states that, paves the way for its expansion into financial services. New Hampshire, Michigan, and Missouri have granted Twitter the necessary money transmitter licenses, allowing the social media app to venture into payments and other financial offerings.

Money transmitter licenses vary in requirements and privileges across states but generally enable a company to send, receive, and transfer funds nationally and internationally for customers. These licenses also facilitate currency exchange and the issuance of prepaid cards, among other financial activities.

Since Elon Musk acquired Twitter in late October last year, he has been vocal about his vision for the platform. He aims to create a “WeChat for the West,” a comprehensive platform where users can perform various activities, including making payments. Musk has hinted at potential cryptocurrency integration, but plans may have shifted under his leadership, with rumoured wallet features on hold.

The money transmitter licenses obtained by Twitter do not necessarily guarantee cryptocurrency integration. However, digital asset advocates still hope for such integration in the future.

Musk, a well-known supporter of the meme cryptocurrency Dogecoin, has faced legal challenges related to alleged insider trading involving the token, resulting in a $258 billion lawsuit against him. Additionally, Twitter’s new CEO, Linda Yaccarino, has supported Dogecoin, engaging with influential DOGE accounts on the platform and expressing determination with the reply, “Can’t stop, won’t stop.” Yaccarino’s interactions with cryptocurrency adopters have been limited, but her appreciation for open-source code and digital transparency aligns with the core principles of the crypto industry.

It’s worth mentioning that Binance backed Twitter’s $44 billion purchase to steer the platform toward Web3 alignment. Binance CEO CZ promoted the integration of Binance Pay as a potential payment option for Twitter.

While New Hampshire, Missouri, and Michigan have yet to take a firm stance on cryptocurrency, states with pro-crypto leaders may be next in line to witness Twitter’s financial services expansion. As Twitter continues to navigate its path in the financial landscape, the possibilities for crypto integration and further developments remain open.


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