Elon Musk’s X, previously known as Twitter, is advancing its payment feature capabilities with the acquisition of a money transmitter license from Nevada. This makes it the 18th state in the US to endorse the company’s payment services amidst its ongoing development.
Licensing Milestone Achieved
The Nevada Financial Institutions Division has awarded X Payments LLC a money transmitter license, enabling it to offer payment solutions within Nevada. Musk’s pursuit of money transmitter licenses across 32 states has thus far resulted in 18 successful approvals.
Last year, significant updates were announced by Musk and CEO Linda Yaccarino, including the introduction of payment and banking services, as well as communication and social features, on the X platform.
Musk’s vision of transforming X into a superapp is evident, aiming to consolidate a multitude of services into a single, efficient application.
X’s approval list is growing, with recent license acquisitions in states like Wyoming, Rhode Island, Michigan, New Hampshire, Missouri, and Utah, the latter of which had initially rejected X Payments in 2023.
Prospects for X Payment Services
While no definitive launch date is set for X’s payment systems, Musk hints at a potential rollout by mid-2024. This was disclosed during a conversation with Ark Invest CEO Cathie Wood, stirring excitement for the anticipated features.
The upcoming payment system is crucial for cryptocurrency integration, particularly for Dogecoin, which Musk has frequently supported. Meanwhile, Dogecoin’s market activity has seen a slight decline, with a 30% drop in trading volume over the past day.