Twitter Secures Money Transmitter Licenses in Key States Amidst Meta’s Threads Launch Gathering 10 Million Users

The good news is that Twitter has obtained three state money transmitter licenses, which allows them to operate as a payment provider in Michigan, New Hampshire, and Missouri. This move aligns with Elon Musk’s vision for the “Everything App,” where Twitter aims to launch a payments system by the end of the year. With these licenses, Twitter can explore issuing prepaid cards and providing remittance services involving foreign currencies.

Key Points:

Twitter has received state money transmitter licenses in Michigan, New Hampshire, and Missouri.
The licenses grant Twitter the authority to operate as a payment provider in those specific regions.
Elon Musk’s vision for the “Everything App” includes a comprehensive destination for social media, payments, news, messaging, and more.
The licenses arrive alongside Twitter’s implementation of rate limits on the platform, allowing verified users to read up to 6,000 tweets per day.
Meta’s Instagram has introduced a rival to Twitter called Threads, with 10 million users already registered.

Hot Take:

With Twitter securing money transmitter licenses and Meta’s Threads gaining traction, the battle for dominance in the social media and payments space is heating up. While Twitter aims to fulfill Musk’s vision of the “Everything App,” Meta’s CEO, Mark Zuckerberg, believes they can create a public conversations app with over 1 billion users. It will be interesting to see how these two platforms evolve and compete in the future.