Elon Musk’s X Payments Receives Three New Money Transmitter Licenses
According to sources familiar with the matter, X Payments, owned by Elon Musk, has obtained three additional money transmitter licenses from US states. This brings the total number of licenses obtained by X Payments to 22, as the company explores the possibility of offering payment features this year. Elon Musk has expressed his expectation that these payment features will go live by mid-2024.
X Payments Granted Licenses in Illinois, New Mexico, and Oregon
X Payments LLC has been granted a money transmitter license to provide payment services in the states of Illinois, New Mexico, and Oregon. Elon Musk’s X Payments had applied for money transmitter licenses in 32 states and has successfully received 22 licenses for offering payment services on its platform.
Latest License Approvals from New Mexico and Illinois
The recent approvals for money transmitter licenses came from authorities in New Mexico and Illinois on March 20. In addition to obtaining these licenses, Elon Musk has also registered X Payments with the Financial Crimes Enforcement Network (FinCEN) as a money service business. This is part of his plan to develop an all-in-one app similar to Venmo or PayPal, which will include various features such as payments/banking services, video and audio calling, and even dating.
X Payments Previously Granted License in Nevada
In January, X Payments was granted a money transmitter license to offer payment services in the state of Nevada by the Nevada Financial Institutions Division. Additionally, X Payments’ account was added to social media platform X during the same month, indicating its intention to launch services soon this year.
DOGE Price Surges 15% Following News
The price of Dogecoin experienced a 15% jump after news of X Payments’ money transmitter licenses broke, leading to increased positive sentiment among Dogecoin investors. Currently, DOGE is trading at $0.152, with a 24-hour increase of over 15%. The lowest and highest prices recorded in the past 24 hours are $0.127 and $0.157, respectively.
Coinbase Derivatives Launches Dogecoin Futures
Coinbase Derivatives recently announced the launch of Dogecoin futures after receiving approval from the U.S. Commodity Futures Trading Commission (CFTC). Interestingly, Coinbase chose to file for these futures with the CFTC instead of the US Securities and Exchange Commission (SEC).
Elon Musk’s Plans for DOGE Integration
Elon Musk has been actively involved with Dogecoin and has previously hinted at integrating it for payments on X. This aligns with his recent announcement of accepting DOGE as a payment method for purchasing Tesla cars in the near future. The plans for DOGE integration on X are still in the works and under discussion.
Hot Take: X Payments Expands its Reach
X Payments, owned by Elon Musk, continues to expand its presence in the payment services industry by obtaining three new money transmitter licenses in Illinois, New Mexico, and Oregon. With a total of 22 licenses now secured, X Payments is making significant progress towards offering payment features on its platform by mid-2024.
The recent license approvals from New Mexico and Illinois further solidify X Payments’ position as a legitimate money service business registered with FinCEN. These developments align with Elon Musk’s vision of creating an all-in-one app that encompasses various functionalities such as payments, banking services, video and audio calling, and even dating.
Moreover, the news of X Payments’ licenses has had a positive impact on the price of Dogecoin, with a 15% surge recorded in the past 24 hours. This demonstrates the strong influence that Elon Musk and his ventures have on the cryptocurrency market, especially when it comes to Dogecoin.
Looking ahead, X Payments’ integration of Dogecoin for payments on its platform remains an exciting prospect. With Elon Musk’s support and the growing acceptance of DOGE as a payment method, the future looks promising for both X Payments and Dogecoin enthusiasts.
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