Twitter Registered As A Money Services Business With FinCEN!

Ben
Sun, 13 Nov 2022 08:58:07 +0000
PayTechs, Elon Musk, Sam Bankman-Fried, Twitter, WeChat, WeChat Pay

Times could hardly be more turbulent. Elon Musk's $44 billion takeover of Twitter has sent the global tech and media scene into a tizzy. Then there was the bankruptcy of Sam Bankman-Fried's crypto exchange FTX, which sent the crypto scene into an ice age. Now it is announced that Twitter has registered with the U.S. FinCen as a Money Service Business (MSB). Rumor has it that Musk wants to enrich Twitter with a payment function, transforming it into profitability.

Times could hardly be more turbulent. Elon Musk‘s $44 billion takeover of Twitter has sent the global tech and media scene into a tizzy. Then there was the bankruptcy of Sam Bankman-Fried‘s crypto exchange FTX, which sent the crypto scene into an ice age. Now it became known that Twitter has registered with the U.S. FinCen as a Money Service Business (MSB). Rumor has it that Musk wants to enrich Twitter with a payment function, transforming it into profitability.

Twitter could thus follow the business model of China’s WeChat, which has implemented WeChat Pay, a successful payment platform with several hundred million users. Analysts even see WeChat Pay as a serious competitor for credit card networks such as Visa or MasterCard. In this respect, it would not be surprising if Musk were to copy this strategy and follow this disruptive path with Twitter as well.

Launching a Twitter Pay strategy would open up new dimensions and revenue streams for the short messaging platform. We will see what the analysts will report about this in the next few days.