Elon Musk's social media platform, X (formerly Twitter), has already obtained a money transmission institution license in 12 US states.
Three more US states have granted X, one of the world's most influential social networks, the regulatory license authorizing the platform to process payments and transactions.
To date, X has obtained this license from regulators in 12 states across the country, thus advancing its goal of becoming the largest financial institution in the world.
X has undergone numerous changes since Elon Musk took over the company, after having it purchased for $44.000 billion dollars, in October last year. All these changes aim to transform X into something more than a social network.
Its current owner, Elon Musk, wants to make the platform an “everything app,” a definition that includes payments and other financial services.
South Dakota, Kansas and Wyoming
The three US states that recently granted X a money transmission license were South Dakota, Kansas and Wyoming, between November 27 and 30.
Previously, X had obtained this license from the states Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire and Rhode Island, adding up to a total of 12 states that have given approval its plans to create its own payment system to manage transactions within the platform.
All of these regulatory licenses have been granted in the name of X Payments, LLC.
In previous statements, Musk had indicated that he would expand the capabilities of his company and social platform into the financial industry. Also, current CEO of X, Linda Yaccarino, who was appointed to this role in May, stated that the platform would be completely transformed and would become capable of offering a wide range of services. Specifically, Yaccarino highlighted that X is evolving to offer “everything.”
With these plans, Musk is seeking to both expand the services offered by X and diversify the company's business to access new sources of income. In the coming years, X could become one of the main competitors of AliPay, PayPal and Apple Pay.
Cryptocurrencies in X's financial plans
Although Musk has not officially confirmed it, cryptocurrencies could be integrated into X as part of its upcoming payment services.
Considering that Elon Musk has become a big supporter of Dogecoin, the main memecoin on the market, many expect this digital asset, inspired by the Shiba Inu dog breed, to be one of the first to be integrated into X's payment options.
Bitcoin, Ethereum and some stablecoins could also be integrated into the platform when it becomes a payments app, allowing its users to receive, send and withdraw payments through digital assets.
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