Elon Musk’s X social media platform (formerly known as Twitter) received Nevada payment service money transfer license.Earlier this year, the platform announced It aims to launch a peer-to-peer payment service similar to Venmo or PayPal. The payment service is part of Musk’s plan to turn X into a “everything app.”
According to a recent blog post by X, the upcoming payments feature aims to unlock “more user convenience and new opportunities for commerce.”
Also read: Bitcoin: Elon Musk considers using BTC on Mars
X has not disclosed an official schedule for when the new payment service will launch. However, Musk said in an X-Space discussion with Cathie Wood that the service could be available as early as mid-2024. With our latest license approval, we are one step closer to launching our services.
According to the publication record, Elon Musk’s X Payments is registered as a business in at least 32 states. The company has received licenses for its services in 18 states so far.
Will cryptocurrencies play a role in Elon Musk’s X?
Mr. Musk is an avid cryptocurrency fan and user. Most notably, the tech billionaire expressed his gratitude to the popular meme coin Dogecoin (DOGE). Several of Mr. Musk’s companies accept DOGE as payment for things like Tesla products.
Also read: Dogecoin: Elon Musk‘X Payments raises questions about cryptocurrencies
Given Musk’s love for cryptocurrencies, many believe that Company X will incorporate cryptocurrency payments into its future services. However, the social media platform has not officially confirmed the cryptocurrency payments.
Also read: Dogecoin: How high can DOGE go after X Payment integration?
Musk founded X.com in the 1990s, which was later rebranded as PayPal. Mr. Musk’s latest effort could become a rival to popular payment platforms. Musk has long expressed a desire to turn social media sites into platforms for all aspects of human interaction, including video and payments.
