Elon Musk's X Secures Nevada Money Transmitter License

• Elon Musk's X: A New Horizon in Social Media and Payment Services
• Nevada Grants Money Transmitter License to X
• When Will X's Payment Service Be Available?
• Musk's X Payments: Expanding Across the States
• Will Cryptocurrency Feature in Elon Musk's X?
• The Potential of Musk's X to Rival PayPal

Elon Musk's X: A New Horizon in Social Media and Payment Services

X, a social media platform backed by Elon Musk, formerly known as Twitter, has gained a money transmitter license for payment services in Nevada. This advancement was announced earlier in the year when the platform revealed its intention to launch a peer-to-peer payment service similar to renowned platforms such as Venmo or PayPal. This payment service is a key component of Musk's vision to evolve X into an 'everything app.'

Nevada Grants Money Transmitter License to X

Recent news has confirmed that X has obtained a money transmitter license in Nevada, which propels its payment service development closer to fruition. As per a recent blog post by X, this forthcoming feature is designed to 'unlock more user utility and new opportunities for commerce.'

When Will X's Payment Service Be Available?

An official timeline for when the new payment service will go live has not been provided by X. However, Musk hinted during an X-Space conversation with Cathie Wood that the service might be operational as early as mid-2024.

Musk's X Payments: Expanding Across the States

Public records indicate that X Payments, under the helm of Elon Musk, has registered for business in at least 32 states, and has received permission in at least 11 states. This shows the rapidly expanding footprint of X Payments across the US.

Will Cryptocurrency Feature in Elon Musk's X?

Musk, known for being a keen cryptocurrency enthusiast and user, has raised speculations about the inclusion of cryptocurrency in X's upcoming service. In particular, Musk's fondness for the renowned memecoin, Dogecoin$0.091 -0.42% (DOGE), has caused intrigue. Several of Musk's enterprises, including Tesla merchandise, accept DOGE as a payment option.

However, no official confirmation regarding the inclusion of cryptocurrency payments has been provided by the social media platform.

The Potential of Musk's X to Rival PayPal

Musk's initiation of X.com in the 1990s, which subsequently rebranded as PayPal, suggests that his latest endeavor with X has the potential to compete with this well-established payments platform. Musk has previously expressed his ambition for transforming the social media site into a multi-faceted platform accommodating all aspects of human interaction, including video and payments.

Edited by Jonathan Stoker