X, the social media platform under the ownership of Elon Musk, formerly known as Twitter, has secured licenses for payment services from several U.S. states. Notably, the platform acquired a currency transmitter license in Rhode Island earlier this week. Media reports said these licenses grant X the ability to offer a broader spectrum of payment services.
Musk has articulated his vision for X to evolve beyond its original role as a social media platform, aiming to become an encompassing “everything app.” The series of money transmitter licenses acquired since June from states including Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire signal that Musk may have aspirations to provide nationwide payment processing capabilities similar to established services like Venmo or PayPal, a company he co-founded.
The acquisition of the Rhode Island license not only facilitates payment-related operations but is also a requisite for offering cryptocurrency services.
In an earlier communication, Musk conveyed his belief in the necessity of a new social media entity founded on blockchain technology and integrated with payment functionalities. This stance was expressed shortly before his notable offer to acquire Twitter for $43 billion in April 2022.
However, it’s important to note that X’s possession of these licenses doesn’t exclusively tie it to cryptocurrency services; traditional financial entities like Western Union and PayPal also hold comparable licenses tailored to their specific services and the regions they serve.
