Twitter Receives Money Transmitter Licenses to Launch X App—Will Dogecoin be the Native Currency and Drive Price to $0.15? Details

Twitter Payments LLC, a subsidiary of the social network headed by Elon Musk, has gained its first three money transmitter licenses. Michigan, New Hampshire, and Missouri have approved the company’s applications, leaving 47 U.S. states yet to weigh in.

NEWS: Twitter has finally secured its first money transmitter licenses in several US states. pic.twitter.com/gziiRgelYU

— T(w)itter Daily News  (@TitterDaily) July 5, 2023

The money transmitter licenses will allow Twitter Payments LLC to offer users transfer services or payment instruments. The money transfer license differs from the ales license, which allows service providers to offer business consumer protection and facilitate money transmission between different parties besides purchasing goods band services

Twitter has not communicated when the payment services will launch and what services will be offered. Twitter Payments LLC applied for money transfer licenses in all US states with no definite approval timeline. Even if all states approved the license applications, Twitter Chief Elon Musk, and the company CEO, Linda Yaccarino, have released very little information regarding the project

Two individuals with inside information told Financial Times that the project plans to offer fiat currency money-transfer services initially, but it will be built to accommodate cryptocurrency transfer in the future. The plan is to offer money transfer services similar to other service producers, such as Paypal, Venmo, and Stripe. It is rumored that Elon Musk has ordered the developers to create a flexible enough to support both fiat and cryptocurrency.

Will Dogecoin be the Native Currency?

There were speculations that Dogecoin is a coin to be Twitter’s native coin, but there are rumors that Twitter Payments LLC plans to launch its token dubbed “Twitter Coin” and a wallet within the project. All these speculations are projected from Elon’s comment that Twitter would “do lots of dumb things” and adhere to the modern tech mantra of “move fast and break stuff.”

Despite the Twitter Coin rumors, the Twitter Payments news has brought positive market sentiments for dogecoin due to Musk’s long and usually Twitter-based ties to the coin. Some people have started speculating that Twitter Payment will approve DOGE as a payment method

Should these speculations hold water, Dogecoin fans will have a handsome payoff. DOGE has gone up since Elon shared the information. The coin has been performing well this year due to its ties with Musk and the Twitter Payments developments. Musk is a high-profile DOGE buyer and has been lobbying for the coin to be approved as a payment option, to the point he replaced the Twitter logo with the DOGE image for a whole day.

Twitter Payments is a way to create different revenue sources for the platform Twitter, alongside other campaigns that Musk has introduced. Musk has been introducing new changes in the platform since he acquired it. The changes are ways to achieve what Musk refers to as Twitter 2.0 and include the ability for users to pay for Bluetick verification, long-form tweets, enhanced video playback, and advertising as content

Slides from my Twitter company talk pic.twitter.com/8LLXrwylta

— Elon Musk (@elonmusk) November 27, 2022

Twitter is also working on a vault to store user data that the payment will collect

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