- Borders approved in Michigan, Missouri and New Hampshire
- It’s part of Musk’s plan to turn Twitter into an “app for everything.”
- The platform had previously partnered with eToro
Twitter Payments LLC, a subsidiary of the media holding company, has been licensed to transfer payments in three states. Application approved in Michigan, New Hampshire, and Missouri. This brings the platform one step closer to realizing Musk’s global “app for everything” strategy.
The information is confirmed by data from the Nationwide Multistate Licensing System & Registry (NMLS):
In practice this means that the company has obtained the right to provide payment services. This is akin to other non-banking services, such as PayPal.
Twitter applied to FinCEN for a money service license (MSB) back in November of last year, right after Musk bought the holding company. The billionaire later announced his plans to turn Twitter into an “app for everything.”
But in practice, the only visible step toward implementing this concept was a partnership with eToro.. The relevance and feasibility of such a solution is difficult to assess. However, we note that since the sale of the company, its market value has fallen by 60%.
In addition to payments, Musk also wants to introduce a call function, video chat and a number of other innovations. But in practice, this has only led to restrictions on pages that are not verified, in order to reduce the load on the network.