Since the billionaire Elon Musk’s acquisition of social media giant Twitter, many popular users have vowed to leave the website. Nonetheless, this does not hinder the new leadership at Twitter from taking steps in becoming a payment processor.
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 is officially established and submitted its application to become a financial provider. According to the application, Twitter intends to offer financial services throughout the United States and a number of other countries.
Yep, Twitter Payments LLC registered with FinCEN a few days ago as a money transmitter. You can verify its registration on FinCEN’s search page: https://t.co/cKJ9rCpd2F pic.twitter.com/7zo8tWDdmq
— John Paul Koning (@jp_koning) November 9, 2022
Despite the expectations of its supporters, Musk’s acquisition of Twitter has yet to dramatically change the circumstances for his preferred meme coin, Dogecoin.
The original meme coin has not performed particularly well during the recent crypto bear market after an initial surge. Based on data provided by CoinMarketCap, the price of Dogecoin is at $0.08 per coin, down 35.82% over the past seven days.
With the conclusion of Musk’s $44 billion acquisition of Twitter and the disclosure of leaked documents suggesting that Musk was developing a “wallet prototype” that would enable cryptocurrency deposits and withdrawals, Dogecoin reached $0.12 in October.
The “Musk pump” for Dogecoin and those expectations were gone a week later when tech writer Casey Newton of Platformer revealed that all digital wallet development was on hiatus.
This would not be the first time Musk enters into the world of digital currency. Musk developed the online payment system X.com in 1999, and it was integrated into the recently launched PayPal in 2000.
