X Gets Money Transmitter License in Nevada
X Payments LLC has been granted a money transmitter license to offer payment services in Nevada. This is part of X’s plan to introduce payment features on its platform, fulfilling Elon Musk’s vision of creating a more efficient and interconnected world. X applied for money transmitter licenses in 32 states and has received approval from 18 states so far.
Elon Musk’s Vision for X
Last year, Elon Musk and CEO Linda Yaccarino announced plans to transform X into an “everything app” with various features including payments/banking services, video and audio calling, and even dating. The goal is to offer users as many services as possible from a single app.
Recent Approvals for X Payments
In addition to Nevada, X has also received money transmitter licenses from Utah, Wyoming, Rhode Island, Michigan, New Hampshire, and Missouri. However, the Utah Department of Financial Institution denied X Payments’ application for related services in 2023.
X Payments Launch Timeline
Although there is no official confirmation on when payment services will be available on X, Elon Musk expects them to go live by mid-2024. This announcement was made during a discussion with Ark Invest CEO Cathie Wood, leading to speculations about the integration of payment features on X.
Dogecoin Integration on X
The introduction of payment features on X is crucial for the integration of Dogecoin as a payment method. Elon Musk, a strong supporter of Dogecoin, has hinted at its integration multiple times since taking over the social media platform in October 2022.
DOGE Price Update
Currently, Dogecoin is trading at $0.080, experiencing a 2% decline in the last 24 hours. The trading volume has increased by 20%, indicating a rise in interest among traders.
Hot Take: X’s Expansion into Payments
X’s progress in obtaining money transmitter licenses is a significant step towards its goal of introducing payment features on its platform. With Nevada becoming the 18th state to grant approval, X is making steady progress in expanding its services. Elon Musk’s vision for X as an “everything app” is inching closer to reality. The launch of payment services on X, expected by mid-2024, will not only enhance user experience but also pave the way for the integration of cryptocurrencies like Dogecoin. As X continues to innovate and expand its offerings, it is poised to become a leading player in the digital payments industry.
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