X, the Elon Musk-owned social media platform previously known as Twitter, has obtained funds licenses from a number of U.S. states in latest months, together with a forex transmitter license in Rhode Island earlier this week. Whereas Musk has hinted at supporting crypto on the platform – even briefly switching out Twitter’s chook brand to dogecoin’s canine earlier than its rebranding to X final month – the licenses enable for broader funds companies to be supplied. Musk has stated that he plans for X to broaden past social media posts, to ultimately change into an ‘every thing app.’ The cash transmitter licenses obtained since June from Arizona, Maryland, Georgia, Michigan, Missouri and New Hampshire point out the tech billionaire could have plans to help fee processing nationwide much like Venmo or PayPal, an organization he co-founded. The Rhode Island license, whereas important for allowing funds, can be a requirement for providing crypto companies.
