Elon Musk is moving forward with his plans to turn the company formerly known as Twitter, now called X, into an „everything app” that includes its own payments system. The company in late November was granted three additional money transmitter licenses in the U.S. states of South Dakota (on November 27), Kansas (on November 28) and Wyoming (on November 30), bringing the total number of states where the company is allowed to engage in money transfers to 12, according to Yahoo Finance.
The other states where the company had previously been granted a money transmitter license include Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire and Rhode Island. All of the states were licensed this year, starting with New Hampshire on June 29.
Arizona, Michigan and Missouri were added in July followed by Georgia, Maryland and Rhode Island in August, and Iowa and Mississippi in September. The registrations are associated with a business named „X Payments LLC,” formerly „Twitter Payments LLC,” which will operate the money transfer operations at X. (The name of the license may vary, but all would allow X to process payments or move money in the state.)
Musk has previously spoken about his plans to morph X into a payments platform, having earlier detailed his vision for the future of the company shortly after the acquisition. He has described Twitter, now X, as a place where users would be able to send money to others on the platform, and extract their funds to authenticated bank accounts, and perhaps later, a high-yield money market account that would encourage people to keep their cash in accounts with X.
With Twitter, Musk is hoping to once again complete the vision he had for X.com as a disruptor to the existing banking system. Whether or not that move will also involve crypto is yet to be determined, but it’s worth noting that a money transmitter license would be required if X were to support cryptocurrencies.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
