Elon Musk’s X Gets Money Transmitter License In Nevada For X Payments

Elon Musk’s plan to introduce payment features on X coming to fruition faster than expected as X (formerly Twitter) received a money transmitter license from Nevada. With the latest license, Nevada has become the 18th U.S. state to grant approval as the company explores offering payment features.

X Receives License in Nevada

X Payments LLC has been granted a money transmitter license to offer payment services in Nevada state by the Nevada Financial Institutions Division. Elon Musk’s X applied for money transmitter licenses in 32 states and has received 18 licenses for offering payment services on X.

Elon Musk and CEO Linda Yaccarino last year unveiled plans to introduce many features including payments/banking services, video and audio calling, dating, etc. on X platform. It is part of making the platform an “everything app” offering users as many services as possible from a single app as part of Musk’s vision of creating a more efficient and interconnected world.

X recently received a money-transmitter license from Utah after receiving similar approvals in Wyoming, Rhode Island, Michigan, New Hampshire, and Missouri. CoinGape reported that the Utah Department of Financial Institution (DFI) denied X Payments’ application to conduct related services in 2023.

Also Read: FOMC Meeting 2024 Date — What to Expect and Its Impact on Crypto Market

X Payments Launch Timeline

Despite no confirmation of when payment services will be available on X, Elon Musk expects that payment features need to go live by mid-2024. He revealed it during a recent discussion with Ark Invest CEO Cathie Wood, raising speculations of the much-needed feature on X.

Payments on X are deemed important for Dogecoin integration on X for payments. Dogecoin’s fan Elon Musk has hinted at the integration many times after taking over the social media platform in October 2022.

DOGE price is currently trading at $0.080, down 2% in the past 24 hours. The 24-hour low and high are $0.0802 and $0.0828, respectively. Furthermore, the trading volume has increased by 20% in the last 24 hours, indicating a rise in interest among traders.

Also Read: 5 Reasons Why Solana (SOL) Price Skyrocketing Daily

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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