Coinciding with Elon Musk’s efforts to make the platform an ‘everything app’ X (formerly Twitter) has now received a money transmitter license in 25 states. Indeed, the acquisition of these licenses will allow the social media network to operate in a way similar to applications like PayPal or Apple Pay.
The growing list of states that have granted the platform a money transmitter license has added Tenessee and Nevada as its most recent for 2024 thus far. Moreover, Musk has recently discussed the company’s impending license reception for both New York and California.
Also Read: Is Elon Musk Considering Dogecoin for X-Fee Transactions?
Musk’s X Receives Money Transmitter License in 25 States
Since he acquired Twitter in April 2022 for $44 billion, Musk has sought to completely change how the social media platform operates. Along with a massive rebrand of the website now known as X, Musk has transformed what the platform is capable of.
A massive part of that plan includes transitioning the social media network into the “everything app’ that Musk has imagined it becoming. Now, that vision took another important step today. Specifically, X has now received a money transmitter license for payment services in 25 different states.
Also Read: Elon Musk Confirms X Will Charge New Users a ‘Small Fee’
Tenessee has become the most recent state added to the growing list, with Nevade added in January of this year. The full collection of states to have granted X a payment license is only growing, with it having no sign of stopping accordion to Musk.
A Reuters report revealed the Tesla CEO stated that a California license was a month or so away. Alternatively, he stated that a New York license would be “a few months away,” from fruition. Both states would represent a massive step toward the development of the platform into a payment processing service.
These licensees are critical for Musk’s vision of the platform. Yet, if they do receive these necessary licenses, the platform should undergo a massive shift in public perspective and utilization. Indeed, a license in all 50 states would allow full payment service operations across the United States.