On July 5th, Twitter obtained its first money transmitter licenses in Michigan, New Hampshire, and Missouri. This bold step marks an important milestone in Musk's ambitious plan to transform Twitter into a 'one-stop shop' for everything, including payments and financial services. With these licenses, Twitter Payments LLCcan now provide transfer services and payment instruments, ensuring secure transactions for consumers.
Payment tools in Twitter
Even though Musk and Twitter's CEO, Linda Yaccarino, have yet to reveal the specifics about their plans, initial indications suggest that Twitter Payments will first roll out fiat currency transaction services, similar to those of PayPal.
Moreover, there have also been long-standing rumors that the company intends to venture into cryptocurrency services, potentially launching its own digital currency called 'Twitter Coin' and a corresponding wallet, aligning the platform with the burgeoning crypto trend.
However, the licenses secured by Twitter do not guarantee the integration of cryptocurrency services.
Threads attracts 10M users
Meanwhile, in response to a recent controversial update on Twitter, which added restrictions on viewing content for unverified users, Meta has come forward with a new app, Threads. Within just seven hours of its launch, Threads has already attracted over 10 million users. The text-based social media app offers users to maintain their Instagram profiles and followers, giving it an edge over its competitors.
Threads goes beyond what Twitter offers, enabling users to share more extensive content, with a limit up to 500 words. It also supports the sharing of links, photos, and videos that can be as long as five minutes long.
Remember when Elon Musk and Mark Zuckerberg agreed to have a real UFC fight? The details about place and time are still unknown.