Twitter has received regulatory approval from three U.S. states—New Hampshire, Michigan, and Missouri—to operate as a money transmitter. This move lays the groundwork for the company to expand its services into payments and other financial offerings, aligning with Elon Musk’s ambitious vision for a “WeChat for the West.”
The money transmitter licenses granted to Twitter enable the company to send, receive, and transfer funds for customers, both domestically and internationally. Additionally, it allows for currency exchange and the issuance of prepaid cards, further positioning Twitter to offer a broader range of financial services.
Elon Musk, who acquired Twitter in late 2022, has been vocal about his aspiration to create an all-encompassing digital platform. Known as “X, The Everything App,” this envisioned application aims to provide users with a seamless experience encompassing various functionalities, including payments. While earlier plans hinted at potential cryptocurrency integrations, recent reports suggest that these plans have been put on hold.
Although the approval of money transmitter licenses does not guarantee the immediate introduction of cryptocurrencies on the platform, digital asset enthusiasts still hold out hope for future crypto integration. Elon Musk’s well-known affinity for Dogecoin, along with Twitter’s newly appointed CEO Linda Yaccarino’s interactions with influential Dogecoin-related accounts, fuels speculation about possible cryptocurrency adoption on the platform.
Linda Yaccarino, a supporter of open-source code and digital transparency, has been elusive in her public discussions about cryptocurrencies. However, her inclination towards these core principles of the crypto sector indicates a potential alignment between Twitter’s future offerings and the world of digital assets.
Notably, Binance, a major cryptocurrency exchange, backed the $44 billion acquisition of Twitter, aiming to steer the platform towards aligning with Web3. Binance CEO CZ highlighted the integration potential of Binance Pay for Twitter’s payment options, providing further evidence of the growing synergy between social media platforms and the crypto industry.
While states such as New Hampshire, Missouri, and Michigan have not yet taken clear stances on cryptocurrencies, it is expected that states with pro-crypto leaders could be next in line to embrace Twitter’s expansion into the realm of digital assets. As Twitter continues to navigate the evolving landscape of social media and financial technology, the approval of money transmitter licenses sets the stage for the realization of Elon Musk’s grand vision.