Three U.S. states – Michigan, Missouri, and New Hampshire, have approved money transmitter licenses to Twitter Payments LLC, leaving the other 47 states still to make their decisions.

Twitter Payments LLC, a subset of Elon Musk’s Twitter social platform, has seemingly acquired its inaugural money transmitter licenses. This follows the approval of the firm’s applications by Michigan, Missouri, and New Hampshire.

The function of a money transmitter license is to enable a business to offer transfer services or payment tools. This diverges from a sales conduct license as its objective is to provide consumer safeguards for companies that manage the transfer of money between two parties, rather than merely facilitating the purchase of goods and services.

Presently, the specifics of what services will be provided by Twitter Payments when it eventually launches are uncertain. The firm has submitted applications for licenses in all 50 U.S. states, but the timeline for approval remains undetermined.

Despite the possibility of unanimous approvals, both Musk and CEO Linda Yaccarino have provided minimal information so far. Sources with knowledge of the company’s plans suggest that Twitter Payments will initially deliver fiat currency transaction services, potentially comparable to those offered by Stripe, Venmo, and PayPal.

Moving forward, the company reportedly plans to extend its platform to include cryptocurrency services. Rumours suggest that Twitter Payments aims to introduce its own token through a project named “Twitter Coin”, and possibly launch its own wallet.

As previously reported by Cointelegraph, all these moves are part of Musk’s assurance that Twitter would “do lots of dumb things”, essentially implying that the firm would adopt the contemporary tech principle of “move fast and break things.”

Some of these changes have been met with mixed reactions at best. For instance, Twitter altered the site’s rate limiter – a feature that restricts the number of posts a user can read within a specific timeframe – to just 500 posts for each non-paying user.

Recently, the platform also limited post viewing to users logged into their Twitter accounts. However, this change was quietly revoked on Wednesday, July 5, as reported by TechCrunch and Engadget.