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Elon Musk's Platform X obtains new payment license; Details

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  • Platform X recently managed to obtain a money transmission license
  • The license was granted by regulators in the US state of South Dakota
  • The license for platform X was granted on November 27th
Elon Musk follows plan to introduce Twitter payment system via cryptocurrency
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In yet another significant development in the evolution of platform X, whose owner is the billionaire and cryptocurrency enthusiast, Elon Musk, the company recently managed to obtain a money transmission license. The license was granted by regulators in the US state of South Dakota.

The license for platform X was granted on November 27th. With this, Platform X becomes a money services business (MSB) in South Dakota. The recent approval highlights the company's growing position in Elon Musk as a huge player in the financial services sector.

With the money transmission license, the company will be able to facilitate cross-border money transfers through its services.

The new feature highlights Elon Musk's strategic vision in developing X, with the integration of payments traditional fiat payments, and may also introduce cryptocurrency payments in the future.

X, the famous app that was once known as Twitter, has proven to be more than just a microblogging app. Under Musk's direction, X is preparing to reach higher and more ambitious flights, seeking to transform itself into a true "app for everything".

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It is worth remembering that, in August, the X obtained the “Currency Transmitter License”, approved by Rhode Island can guarantee cryptocurrency operations. This license, which covers various services associated with cryptocurrencies such as exchanges, wallets and payment processing, marks a significant step forward for X. With this permission, the application will have the ability to store, transfer and exchange digital assets on behalf of its users .

Within the halls of digital speculation, the question is how far Elon Musk will allow X to delve into the crypto universe. While the tycoon has been clear that X will not release its own crypto token – likely in an attempt to distance itself from questionable promotions and opportunistic tokens that have emerged – it is clear that Musk sees the potential of cryptocurrencies.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

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