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Elon Musk’s X Payments Nears Launch, Receives Another Money Transmitter License
X Payments by Elon Musk has reportedly received a new money transmitter license in South Carolina, as per sources familiar with the matter. X Payments’ rollout of payments on the social media platform is almost here as it received licenses in 29 states to gain approval as the company explores offering payment features this year. It’s part of the move to convert the platform into an “everything app”.
X Payments Gets License in South Carolina
X Payments has secured a money transmitter license in South Carolina, reported DogeDesigner, a prominent figure in X and Dogecoin communities, in an X post on June 24. He added that X has now received licenses in 29 states. The company seeks licenses in 50 US states after applying for licenses in 32 states initially.
Following the latest license, X Payments’ roll out is confirmed in Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Virginia, West Virginia, Wyoming.
Elon Musk earlier said he plans to launch payments service in mid-2024. The company received its previous license in Kentucky on May 10, according to X Payments LLC.
CoinGape recently revealed that documents related to money transmitter licenses in multiple states revealed Venmo-like payments features for the social media platform. Moreover, X plans to charge minimal fees for its payment services. The company told regulators that its goal is to offer payments to boost its business through “increased participation and engagement” on X. It plans to get major revenue from merchant fees and banking services like checking accounts.
Also Read: Crypto Market Crash: Here’s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today
Dogecoin Community Eyes Announcement on Integration
Dogecoin community awaits hints from Elon Musk about plans to integrate DOGE into the payments network. However, X earlier revealed that they are not currently looking to integrate crypto due to not much regulatory clarity.
Tesla added Dogecoin as a payment method for some products, as per a FAQs section on the official website. The move came months after Elon Musk hinted at accepting Dogecoin as an official form of payment for its cars at some point in the future.
DOGE price currently trades at $0.1192, down 4% in the past 24 hours. The 24-hour low and high are $0.1158 and $0.1262, respectively. Moreover, the trading volume has jumped 167% amid panic selling across the crypto market.
Also Read: Institutional Investors Sell Bitcoin, Ethereum Worth $690M, Buys XRP
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.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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