Elon Musk’s company X, formerly known as Twitter, has secured licenses for payment processing in 12 U.S. states. This development is a significant step in Musk’s vision of transforming X into an all-encompassing app, which may eventually include crypto payments .
In recent months, X acquired money transmitter licenses in South Dakota, Kansas, and Wyoming, joining other states like Arizona, Georgia, and Michigan. This expansion is linked to X Payments LLC, the financial branch of X, which is set to manage these payment operations.
Musk’s ambitions don’t stop at traditional finance. The move hints at a potential foray into cryptocurrencies, like Dogecoin, although this has not been officially confirmed. Given Musk’s history with PayPal and his interest in disrupting the banking sector, integrating crypto seems a likely next step.
This progress comes amidst challenges, including a decline in ad revenue and the loss of major advertisers. However, X is adjusting its strategy by focusing on smaller businesses and integrating Musk’s AI, Grok, to generate additional income.
With X poised to become a major player in the payment processing arena, the tech world eagerly awaits to see how Musk’s vision will further unfold, particularly in the crypto space.