Introduction
Elon Musk’s journey to make X, formerly known as Twitter, the ultimate super app continues as it secures a licence to integrate payments into its platform. This significant development allows X to conduct financial activities on behalf of its users to send and receive money. Rhode Island regulators have granted X a currency transmitter licence, joining the six other licences X already holds across the United States, including Michigan, Missouri, New Hampshire, Arizona, Maryland, and Georgia.
Musk’s Vision for X
Last November, Elon Musk announced his ambitious vision for X, aiming to offer a complete range of bank-related products, such as debit cards, loans, and even cheques. Musk believes that payments are simply the exchange of information, stating that there is not much difference between sending a direct message and sending a payment. He envisions X becoming a comprehensive platform for all types of financial transactions.
Expanding to Include Crypto
While the immediate plans for X’s payments feature only support fiat currencies, there are reports suggesting that the platform will expand to include cryptocurrencies in the future. Sources have indicated that X is considering adding support for digital currencies like Bitcoin and Ethereum, tapping into the growing popularity of cryptocurrencies.
