Twitter has recently applied for state-level licenses in the US to venture into payment services, causing the rise of cryptocurrency concepts such as $MOB, $MASK, and $ACH.
Twitter Payments LLC was established last August, and the company is currently in the process of obtaining regulatory approvals in various states in the US. The aim is to introduce payment features on its social media platform while diversifying its revenue streams beyond advertising.
Twitter has been struggling with profitability, and the company hopes to integrate financial technology services, such as peer-to-peer transactions, savings accounts, and debit cards.
In November, Twitter registered as a payment processing institution with the US Department of Finance with the goal of obtaining a US license within a year, followed by seeking approval from international regulatory bodies.
Twitter has acquired a significant amount of funding through its 19 rounds of financing, which amounted to $4.4 billion in the capital, pre-IPO, and post-IPO.
However, the company has also accumulated a net loss of $8.61 billion since its initial public offering (not including pre-IPO losses). Only 14 out of 33 financial report conference calls mentioned profits.
Twitter is still relying on advertising, but too many advertisements bring issues to the user experience of an information platform.
MobileCoinis a privacy-focused payment protocol that specializes in providing secure, private, and simple encrypted currency wallet services for mobile communication applications.
Esther Crawford, who is considered a trusted right-hand person of Elon Musk at Twitter, has already started leading the efforts to introduce payment services on the platform. LBank thinks it could be a milestone for payment protocols and has listed $MOB.
There is also a $MOB deposit competition to share $1,000 $USDT!