Twitter acquires money transfer licenses in three US states, a step towards an all-in-one app

Expectations for Twitter remittance function

It was revealed on the 3rd that Twitter, a major social media company, has obtained a license as a remittance company in three states in the United States.

According to NMLS Consumer Access, a financial services information site, Twitter has obtained a US Money Transmitter License in the states of New Hampshire, Michigan, and Missouri.

A money transmitter license is a license that should be obtained by individuals and companies that provide customer-to-customer fund transfer services, and it also enables exchange operations and issuance of prepaid cards. However, in order for Twitter to operate a money transfer business nationwide, it will need to obtain a license for each state.

This news does not necessarily lead to the conclusion that Twitter will adopt cryptocurrency payments, but it has been suggested in the past that it will integrate cryptocurrency wallets, and it is attracting more attention on social media.

Elon Musk, who acquired Twitter in 2022, has been active in integrating cryptocurrency wallets from the beginning. However, as a result of prioritizing internal system reforms and service improvements, the implementation of the wallet function was temporarily suspended.

Musk also indicated his desire to create an “all-in-one app” like WeChat. WeChat has been dubbed a “super app” for everything from video chat to messaging, streaming, payments and investment services.

Musk, who is now Twitter’s chairman and CTO, still hints at his interest in creating a comprehensive social app, “X, The Everything App.”

We are building the EVERYTHING/X/Twitter App!

— Elon Musk (Parody) (@ElonMuskAOC) June 30, 2023

Meanwhile, Twitter’s new CEO, Linda Yaccarino, has not publicly commented on cryptocurrencies. However, it is no secret that Yaccarino follows the main developer of the cryptocurrency Dogecoin (DOGE) on Twitter.

connection:Elon Musk steps down as Twitter CEO, announces successor

Introducing the Twitter killer app

Since buying Twitter, Musk has made significant changes to the service. Over the weekend, Twitter announced the introduction of “scraping” to limit the number of tweets unregistered users can see, a move that some have complained about.

Twitter also announced today that it has made significant changes to TweetDeck, a tool frequently used by journalists and social media professionals. Due to this reform, it is expected that TweetDeck will be charged in about a month.

Meanwhile, “killer” apps have emerged to take advantage of Twitter’s chaos to steal users. “Bluesky Social (hereinafter referred to as Bluesky)”, the same distributed SNS as Twitter, has started test distribution on Apple’s app store for iOS. Bluesky was originally developed by Twitter, and development began when Jack Dorsey was at Twitter. In 2021, Jay Graber, who has experience as a software engineer for the virtual currency Zcash (ZEC), was appointed as the project leader, attracting attention.

In addition, Instagram announced on the 6th that it has released the iOS version of its text-based communication app “Threads”. Threads offers a platform for public discussion similar to Twitter, allowing users to log in with their Instagram accounts and follow users with whom they are already connected.

sue meta

Twitter reportedly threatened to sue Meta over Threads. Twitter attorney Alex Spiro said in a letter to CEO Zuckerberg that Meta hired a former employee with access to confidential Twitter information, saying, “Twitter intends to enforce its intellectual property rights strictly. We urge you to take immediate steps to stop using Twitter’s trade secrets and other sensitive information.”

On the other hand, a spokesperson for Meta denied the allegations in a post on Threads saying, “There are no former Twitter employees on the Threads engineering team.”

connection:New Instagram app “Threads” to be released as a Meta Twitter app

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