Elon Musk-backed X Platform Secures Money Transmitter License from Louisiana to Enable Everything App

UTC by Steve Muchoki · 3 min read
Elon Musk-backed X Platform Secures Money Transmitter License from Louisiana to Enable Everything App
Photo: Depositphotos

Musk has significantly improved the X platform since the acquisition in late 2022, whereby it now has money transmitter licenses from 23 states.

The vision by tech billionaire Elon Musk to build the everything app through the X platform is gradually taking shape. According to an announcement by a popular Dogecoin graphic designer alias DogeDesigner, the X platform secured a money transmitter license from the Louisiana state authority. Consequently, the X platform is now licensed as a money transmitter in 23 states including Michigan, Arizona, Wyoming, and Ohio, among others.

As Coinspeaker previously mentioned, the X platform is pacing to obtain money transmitter licenses from all respective states in a bid to remain competitive in the social networking industry.

In addition to Musk, several top X executives have highlighted that the social media platform will roll out peer-to-peer payments before the end of this year. Once rolled out, the X platform will be similar to the Chinese social media platform WeChat, which was developed by Tencent Holdings Ltd. (Hong Kong: 700).

However, Musk has severally indicated that the X platform will focus on protecting free speech above all, including the advertisers.

What to Expect from X Platform Payments

The inevitable launch of the X payments has increased the optimism of Dogecoin (DOGE) integration. Furthermore, Musk has severally reiterated his unwavering support for the dog-themed meme coin, DOGE, despite being slapped with a $250 billion lawsuit.

The X payments are expected to increase the overall competition for existing money transmitter companies like PayPal Holdings Inc. (NASDAQ: PYPL). Moreover, the X platform is more likely to tap into blockchain technology directly to streamline payments.

With the US Congress expected to enact stablecoins regulations in the next few years, perhaps X platform will launch its dedicated stablecoin in addition to supporting other digital assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Floki (FLOKI), and BNB among others.

More with Grok AI

The X platform has attracted more than 550 million active users since it launched the revenue-sharing program for all eligible content creators. With dozens of changes introduced under the leadership of CEO Linda Yaccarino, the introduction of the Grok artificial intelligence (AI) bot has proven to be a huge game changer.

According to Musk in a recent X post, the Grok now will be available for all X premium subscribers and not only premium+ users. Worth noting that Musk introduced free premium features for all X accounts with over 2500 verified subscriber followers and free premium+ features for all X accounts with over 5000 verified subscriber followers.

Meanwhile, the Grok bot has received a major upgrade to Grok-1.5 to enable improved reasoning capabilities. One of the most notable improvements in the Grok-1.5 upgrade is the performance in coding and math-related tasks.

News, Social Media, Technology News
Related Articles