The Musk Twitter era is off to a rocky start, as several prominent users vowed to leave the site after it was bought by the controversial billionaire. Twitter’s new leadership has, so far bravely, taken its first steps toward becoming a payment processor.
On file with the US Treasury’s Financial Crimes Enforcement Network, or FinCEN, Twitter has filed to become a financial services company.
Twitter Payments LLC registered and submitted its application as a financial intermediary on November 4, 2022. The filing says Twitter plans to operate the money services in the United States and several of its international territories.
FinCEN defines a money sender as a person or organization that provides money transfer services or any other person who transfers money.
Musk’s takeover of Twitter hasn’t brought a meaningful change to his favorite meme, Dogecoin, despite the hopes of his fans.
After the initial infusion, the original meme did not do well in the recent crypto market crash. Currently, Dogecoin is down 40% in the past week and is currently trading at $0.08 per coin, according to CoinGecko.
In October, Dogecoin hit $0.12 after news that Musk had closed a $44 billion deal to acquire Twitter and leaked documents indicating that Musk was working on a “wallet prototype” that would support cryptocurrency deposits and withdrawals.
Those hopes and Dogecoin’s “musk pump” were dashed a week later when platformer technology journalist Casey Newton reported that all plans for the wallet were on hold.
Making Twitter a payment processor wouldn’t be a holder’s first foray into digital money. In 1999, Musk founded the online bank X.com, which in 2000 converted to the newly founded PayPal.
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