Elon Musk’s intention to launch payment capabilities on X is happening sooner than anticipated thanks to X (previously Twitter) being granted a money transmitter license by the state of Nevada. With the most recent license, Nevada is now the 18th state in the union to approve the company’s plans to offer payment tools.
X Acquires a Nevada License
The Nevada Financial Institutions Division has awarded X Payments LLC a money transmitter license so that it can provide payment services in the state of Nevada. Elon Musk’s X has been granted 18 licenses to provide payment services on X after submitting applications for money transmitter licenses in 32 jurisdictions.
Last year, Elon Musk and CEO Linda Yaccarino announced plans to launch a number of products on the X platform, such as dating, audio and video calling, payments and banking services, and more. As part of Musk’s goal to create a more connected and efficient society, it is part of the platform’s transformation into a “everything app,” providing consumers with as many services as possible via a single app.
X has been approved as a money transmitter in Wyoming, Rhode Island, Michigan, New Hampshire, and Missouri; it was most recently granted a license in Utah. The Utah Department of Financial Institution (DFI) rejected X Payments’ request to carry out similar services in 2023, according to CoinBrit.