In an innovative move, X has obtained a money transmitter licence from Nevada regulators, marking a noteworthy accomplishment. With this important licencing certification, X is positioned to become a major participant in the financial sector and enable cross-border money transactions, much like industry heavyweights CashApp and PayPal.
The permission, which was given on January 29, is a calculated step in the direction of realising Elon Musk’s grand goal of turning Twitter—the social media site he recently acquired—into a comprehensive programme that can manage financial transactions.
Musk sees X as the ultimate “everything app,” and this latest licencing victory is a crucial step towards achieving that goal. Musk purchased Twitter in October 2022. Prior to this, X had acquired licences to send cash in a number of US states, including Wyoming, Virginia, Michigan, Arkansas, and Pennsylvania.
X Payments and Dogecoin
With the launch of its Payments account last week, X announced a calculated move into the financial industry. Musk’s steadfast dedication is clear, setting the stage for the expected introduction of peer-to-peer payments, which might be available to the general public by the middle of 2024.
Notable developments matched the updates on Xpayments’ social media page and the recent spike in Dogecoin’s price. Although Musk rules out any intention to issue business tokens, rumours regarding a potential partnership between DOGE and X are rampant in the cryptocurrency world.
Nevada’s regulatory approval of X strengthens its increasing power in the financial sector and represents a major advancement in Elon Musk’s quest to push the limits of financial technology.
Now, the intriguing issue is: Could Dogecoin’s integration with X be made possible by this licencing success, particularly in the thriving metropolis of Las Vegas?
