Elon Musk’s X Receives Money Transmitter License In Nevada

Elon Musk’s X social media platform (formerly known as Twitter) has received a money transmitter license for payment services in Nevada. Earlier this year, the platform announced it aims to launch a peer-to-peer payment service similar to Venmo or PayPal. The payment service is part of Musk’s plans to transform X into an ‘everything app.’

According to a recent blog post by X, the upcoming payment feature aims to unlock ‘more user utility and new opportunities for commerce.’

Also Read: Bitcoin: Elon Musk Considers Using BTC On Mars

X has not given an official timeline for when the new payment service will go live. However, while speaking at an X-Space discussion with Cathie Wood, Musk said the service could be available as early as mid-2024. The latest license approval takes the service one step closer to launch.

According to public records, Elon Musk’s X Payments has registered for business in at least 32 states. Moreover, the firm has received permission in at least 11 states.

Will crypto play a part in Elon Musk’s X?

Musk is an avid cryptocurrency fan and user. Most notably, the tech billionaire has showered appreciation for the popular memecoin Dogecoin (DOGE). Several of Musk’s firms accept DOGE as payment, such as Tesla merchandise.

Also Read: Dogecoin: Elon Musk’s X Payments Raise Cryptocurrency Questions

Musk’s love for crypto has led many to believe that X will include crypto payment in its upcoming service. However, the social media platform has not officially confirmed about cryptocurrency payments.

Also Read: Dogecoin: How High Can DOGE Go After X Payment Integration?

Musk had founded X.com in the 1990s, which later rebranded to PayPal. Musk’s latest initiative could become a rival to the popular payments platform. Musk has long voiced his desire to turn the social media site into a platform for all facets of human interaction, including video and payments.