The file suggests a financial service focus for the country of the blue checkmark, even if it is not the reported digital wallet.
With numerous high-profile users pledging to stop using the service after the controversial billionaire acquired it, the Musk Twitter era is off to a bumpy start. The new Twitter administration has started along the path to becoming a payment processor thus far unfazed.
Twitter has submitted an application to become a money service firm with the Financial Crimes Enforcement Network, or FinCEN, of the U.S. Treasury Department.
On November 4, 2022, Twitter Payments LLC registered and submitted its application to become a money transmitter. According to the application, Twitter intends to provide financial services in the United States and a number of its other countries.
A money transmitter, according to FinCEN, is anybody who transmits money, whether they are an individual, a business, or another kind of entity.
Despite the dreams of its supporters, Musk’s takeover of Twitter has failed to significantly alter the situation for his preferred meme currency, Dogecoin.
The original meme currency has not performed well in the latest crypto market fall after an initial surge. According to CoinGecko, the price of Dogecoin is at $0.08 per coin, down 40% over the last week.
With the conclusion of Musk’s $44 billion acquisition of Twitter and the disclosure of leaked papers suggesting that Musk was developing a “wallet prototype” that would enable cryptocurrency payments and withdrawals, Dogecoin reached $0.12 in October.
The “Musk surge” for Dogecoin and those expectations were crushed a week later when tech writer Casey Newton of Platformer revealed that all wallet development was on pause.
Musk’s entry into the world of virtual currency would not be his first. Musk developed the online bank X.com in 1999, and in 2000 it was incorporated into the recently established PayPal.
