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The Musk Twitter era is off to a rocky start, with several high-profile users vowing to leave the site after the controversial billionaire bought it. So far undeterred, the new leadership at Twitter has taken its first steps toward becoming a payment processor.<\/p>\n
In a filing with the U.S. Treasury Department Financial Crimes Enforcement Network or FinCEN, Twitter has applied to become a money service business.<\/p>\n
Twitter Payments LLC registered and filed its application as a money transmitter on November 4, 2022. The application says Twitter plans to conduct money services in the United States and several of its international territories.<\/p>\n
FinCEN defines a money transmitter as a person or organization providing money transmission services or any other person who transfers funds.<\/p>\n
Musk’s takeover of Twitter has yet to create meaningful change for his favorite meme coin, Dogecoin<\/a>, despite the hopes of its fans.<\/p>\n After an initial pump, the original meme coin has not fared well in the recent crypto market crash. Currently, Dogecoin is down 40% for the last week and is currently trading at $0.08 per coin, according to CoinGecko.<\/p>\n In October, Dogecoin hit $0.12<\/a> on news of Musk’s completion of a $44 billion deal to acquire Twitter and the leak of documents that hinted that Musk was working on a “wallet prototype” that would support deposits and withdrawals of cryptocurrency.<\/p>\n Those hopes and the “Musk pump” for Dogecoin were dashed a week later when tech journalist Casey Newton of Platformer<\/a> reported that any plans for a wallet were on hold.<\/p>\n Making Twitter a payment processor would not be Musk’s first foray into digital money. In 1999, Musk founded the online bank X.com, which in 2000 was rolled into the newly founded PayPal.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n