X Secures Licence for Payments Integration
Elon Musk’s super app, X, formerly known as Twitter, has achieved another milestone in its journey towards becoming the ultimate super app. Rhode Island regulators have granted X a currency transmitter licence, allowing the platform to conduct financial activities on behalf of its users.
The licence enables X to custody, transfer, and exchange digital currencies, positioning it as a key player in the evolving fintech landscape. X now holds a total of seven currency transmitter licences across the US, with Michigan, Missouri, New Hampshire, Arizona, Maryland, and Georgia being the other states where it operates.
From Social Media to Banking
Elon Musk has set ambitious goals for X, envisioning it as not just a social media platform but also a provider of various bank-related products. Musk aims to offer a comprehensive range of financial services, including debit cards, loans, and even traditional cheques.
According to Musk, payments are fundamentally an exchange of information, making them similar to sending a direct message. This perspective aligns with X’s mission to integrate financial transactions seamlessly into its platform.
Future Expansion with Crypto
While X’s initial plans for payment features focus on fiat currencies, sources suggest that it will expand its capabilities to include cryptocurrencies in the future. This move aligns with the growing popularity and acceptance of digital assets in the global financial landscape.
