Elon Musk's X Secures Money Transmitter Licenses across Three US States

Elon Musk’s X Secures Money Transmitter Licenses across Three US States

UTC by Chimamanda U. Martha · 3 min read
Elon Musk’s X Secures Money Transmitter Licenses across Three US States
Photo: Depositphotos

With the latest authorization from three US states, the X platform expanded its ability to offer financial services to users in the region.

Elon Musk-owned social media platform X has received money transmitter licenses from three states in the United States to aid its transformation into an “everything app”.

According to a TechCrunch report, the platform formerly known as Twitter was authorized to operate as a payment gateway in the US states of Dakota, Kansas, and Wyoming in late November 2023.

X has previously received the same money transmitter license from Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire, and Rhode Island, making it a total of 12 states in the country that had greenlighted the platform to facilitate payments and achieve its goal of becoming a financial services firm.

Twitter Acquisition Is an Accelerant to Turning into Everything App

The social media platform obtained its first money transmitter license in the New Hemisphere in June 2023 under the name “X Payments LLC” before extending to 11 other jurisdictions.

With the latest authorization from three US states, the platform expanded its ability to offer financial services to users in the region, including providing crypto-related offerings such as trading and wallet services in compliance with local regulations.

The move will place the platform into direct competition with payment companies such as PayPal, which has been servicing customers in the United States since 1998.

However, the company has yet to implement any of the features and still only functions as a social media platform where users can interact with each other through posts, likes, and comments.

Earlier this year, in October, Musk revealed he plans to turn the platform into a central hub for all financial activities to revolutionize how people manage their funds before the end of 2024.

He also said he would provide all the necessities needed to achieve this goal, which includes facilitating payments across the United States. The billionaire entrepreneur made the statement during an in-house call with X employees.

Musk recently reiterated his plans to transform X into an everything app, noting that the acquisition of the platform last year accelerates achieving this goal.

Musk to Add Dating App Features on X

Aside from turning X into a financial hub next year, Musk plans to incorporate dating app features into the platform.

Coinspeaker reported that the platform plans to compete with other dating apps such as Tinder, Bumble, and Hinge, making it possible for users to connect with potential partners on X without visiting the dating platforms.

Musk plans to make both features available on X next year.

Meanwhile, since Musk’s acquisition of the social media giant founded and formerly run by Jack Dorsey, the billionaire tech mogul has introduced many changes to the app, including adding a subscription model.

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