Twitter filed paperwork with the U.S. Treasury Department last week to become a payments processor, which could pave the way for crypto payments.
The move comes as Musk seeks to boost falling advertising revenues at the social media company known as the world’s town square.
Twitter could expand limited “Twitter tips” feature
According to the New York Times, Twitter filed its registration application with the Financial Crimes Enforcement Network (FinCEN). Any business processing money transfers, currency exchanges, or cash checks must register with FinCEN, the federal bureau responsible for combating illicit finance in the U.S.
Until now, Twitter has allowed creators to receive Bitcoin tips from fans through Strike’s application programming interface (API). The API uses the Bitcoin layer-two Lightning Network’s micropayment channels to conduct a transaction off-chain. Multiple transactions are then bundled…
