- The holding company’s subsidiary Twitter Payments LLC has completed registration in Georgia.
- This is the fifth state to grant the company an MTL license.
- X Corp. applied to FinCEN to become an MSB counterparty back in November 2022.
Twitter Payment LLC, a subsidiary of X Corp. holding company, has been granted a financial services provider license (MTL) in the state of Georgia. The move is part of social network owner Ilon Musk’s strategy to transform the platform into an “app for everything.”
Reminder, Twitter Payment LLC earlier completed registrations in New Hampshire, Missouri and Michigan. The company was later licensed in Arizona and then Georgia:
Counterparties with MTL licenses become eligible to provide money transfer services, according to Modern Treasury. They fall under the broader category of MSB organizations.
Holding X Corp. applied for the latter back in the fall of 2022, just after the social network was acquired by Ilon Musk.
In April 2023, the platform partnered with payment operator eToro. This was supposed to provide users with a gateway to settle directly on the platform.
But already in June, the counterparty faced regulatory pressure in the US. At what stage this project is at, and whether it will materialize in principle, is not yet known.
In late July 2023, Ilon Musk announced the rebranding of Twitter. The social network has a new name, X, design and concept.
The social network has a new name, X, design and concept.