đźđX (Twitter), Elon Musk Obtains Money Transfer License as She Moves Towards Crypto Payments
Musk has long been touting Twitter's potential to become a major financial services platform, with crypto integration almost certain.
Elon Musk's X, formerly known as Twitter, has purchased a money transfer license in the US state of South Dakota, furthering the tech tycoon's vision of turning Twitter into an "everything app" similar to Tencent's WeChat.
Context: Musk has long been extolling Twitter's potential to become a major financial services platform with the potential to grow into a major competitor of PayPal, Square or Stripe. Musk even said in October that the Twitter acquisition "accelerated the creation of X, the everything app."
Musk hopes to bring the social media platform closer to the financial environment, especially by being approved on November 27 in South Dakota.
The money transfer license allows X to operate as a money service business in the state and carry out cross-border money transfers.
Details: Twitter, now X, has been licensed to transfer money in a total of ten US states, including Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, and now South Dakota.
Although Musk recently reiterated that his own companies (SpaceX, Tesla, Neuralink or X) are not interested in launching crypto tokens, he did not rule out the possibility of Decryption on X. According to the analysis conducted by the commission (SEC) of a bitcoin exchange-traded mutual fund (ETF) following the upcoming approval by the US Securities and Exchange, analysts predict that a larger part of the population may adopt crypto, which highlights the possibility of integrating crypto into the platform of CEO X.
