X is now able to process payments in cryptocurrency and fiat currencies, taking it one step closer to becoming a “everything app” as Musk had envisioned. This is made possible by the acquisition of licences in multiple states.
Recent acquisition of a currency transmitter licence by Elon Musk’s “X” from Rhode Island, another US state, has strengthened Musk’s ambitions to transform what was formerly a straightforward social media or microblogging platform into a “everything app” that handles payments in addition to interacting with numerous other industries.
X now has the authority to assist with the custody, transfer, and exchange of digital/cryptocurrency or even fiat currencies, as they have already obtained currency transmitter licences in Michigan, Missouri, and New Hampshire.
Musk, who spearheaded a significant rebranding initiative that saw Twitter rebranded as “X,” stated that the platform’s intended function is to enable payment processing, sharing, and communication among users. These extremely popular “everything” or “super” apps are already widely available in China and other Southeast Asian markets; western markets have not yet encountered these kinds of apps.
A CoinTelegraph article suggests that X may initially exclusively accept cash payments before switching to cryptocurrency later on in the project.
Since its takeover, X, then known as Twitter, has added little or significant features that suggested the arrival of cryptocurrency or digital payments. The addition of stock and cryptocurrency charts that appear during searches is one such instance, enabling users to browse the platform and monitor real-time market prices.
The announcement that “X” will start accepting cryptocurrency payments has been good news for Musk’s all-time favourite “doge coin,” which has seen a 3% spike in value.