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Elon Musk’s planned payment features for X, formerly known as Twitter, have shown rapid progress with X obtaining a money transmitter license from Nevada. With the latest license, Nevada has become the 18th US state to approve the company’s payment features during the ongoing development process.
New License for X
X Payments LLC was granted a money transmitter license by the Nevada Financial Institutions Division to provide payment services within the state of Nevada. Elon Musk has applied for money transmitter licenses in 32 states and has received 18 licenses to offer payment services on X.
Elon Musk and subsequently appointed CEO Linda Yaccarino made significant announcements last year. They greenlit various features for the X platform, including payment/banking services, video and voice calling, dating, and more.
This reflects Musk’s vision. As part of his vision to create a more efficient and harmonious world, he aims to transform the platform into a superapp offering as many services as possible from a single application.
X company continues to add to its approvals. Having received similar approvals in Wyoming, Rhode Island, Michigan, New Hampshire, and Missouri, the company recently succeeded in obtaining a license from Utah, which had previously rejected X Payments’ application to conduct related services in 2023.
The Future of X Payments
There is no clear date for when the continuously licensed payment systems will be available on X.
Nevertheless, according to Elon Musk, payment features could be launched by mid-2024. He revealed this in a recent X room moderated by Ark Invest CEO Cathie Wood, fueling rumors about the much-needed feature on X.
On the other hand, the system to be launched on X is vitally important for cryptocurrency integration, especially Dogecoin. Known for his endless support for Dogecoin, Elon Musk has emphasized DOGE in payment systems several times since purchasing the social media platform in October 2022.
While all this is happening, as of the time of writing, DOGE is trading at $0.08146, down 0.39% in 24 hours. The lowest price in the 24-hour period was $0.0802, while the highest was $0.0828. Additionally, there was a 30% decrease in trading volume over the last 24 hours, reflecting a decline in interest among traders.
