The state of Louisiana has authorized Elon Musk's X platform to offer money and account transfer services to users within the jurisdiction.
With this new license, which was recently granted by Louisiana regulators, Elon Musk's social media platform now has the authorization of 23 US states to expand its services beyond social media.
The Money Transmitter licenses that X has received from states including Rhode Island, Michigan, Utah, New Hampshire and Missouri represent a significant step in its goal of becoming a multi-faceted, all-inclusive app.
During the process of transformation The company launched the platform last year, changing its name from Twitter to X, and its current CEO, Linda Yaccarino, said the platform would now be more focused on interactivity and innovation, focusing on audio, video, messaging, payments and banking. All of this, with the goal of creating a “global marketplace of ideas, goods, services and opportunities” for everyone, Yaccarino said.
On the acquisition of money transmission licenses in the United States, Elon Musk, owner of the platform, has announced that X is preparing to support peer-to-peer payments, possibly later this year.
Musk has also hinted in various ways that cryptocurrencies could have a place in the new everything app that X will become.
Crypto community expects Dogecoin to be integrated into payments in X
The expectations of the crypto community to see cryptocurrencies become part of the payment methods supported by X increase every time the company receives a new Money Transmitter license in the country.
According to a survey conducted on X by user @alphadoge777, more than 60% of users think that Musk will implement a canine-themed cryptocurrency, like Dogecoin (DOGE), which is noted as his favorite cryptocurrency, in payments within the platform.
Some of Musk's actions that suggest and have given strength to this possibility were the temporary change that the platform made to its logo in April of last year. At that time, when X was still known as Twitter, Musk momentarily replaced the iconic blue bird logo with the image of the Doge meme, which symbolizes the cryptocurrency Dogecoin.
On the other hand, when Twitter 2.0 was introduced, the “payments” box was left blank, showing that Musk has not yet made a decision on the payment methods that will be coming to the platform. In December 2022, the platform integrated a function so that users could view the prices of the two main cryptocurrencies on the market, Bitcoin and Ethereum, when performing a search.
Finally, it should not be forgotten that the platform's development team is working on new monetization features and opportunities for creators and users that are related to blockchain and crypto assets.
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