Elon Musk’s X Acquires Crypto Payments License…

August 29, 2023 12:22 pm Comments

Elon Musk is making true on his promise to turn the X social media platform, formerly known as Twitter, into an ‘everything app’.

Musk previously voiced plans to turn the former Twitter platform into an app akin to China’s WeChat app. WeChat is both a robust social media, content creation, and payment processing platform.

According to the latest filings, X has acquired a license to act as a crypto payments processor; this is in addition to the fiat money transmitter licenses that X has been acquiring.

Sources indicate this license will allow X to act as both a payments processor and a custodian for digital assets—eventually, your X account will have a wallet.

Here’s what we currently know:

Crypto investors, speculators, entrepreneurs, and enthusiasts all claimed the recent acquisition of a crypto payments license is bullish for the broader market and industry.

Finbold had more details:

Notably, Rhode Island approved a requested license by Twitter Payments LLC — X’s payment branch — on August 28, according to data from NMLS.

The “Currency Transmitter” license also includes different crypto-related service providers, such as crypto exchanges, wallets, and payment processors.

Greg Norman, CEO of web 3.0 company Europa Labs, listed all the recent developments that bode well for the crypto industry.

“Norman points out: “Grayscale wins SEC Lawsuit,  X (twitter) acquires license for crypto payments in app.  Almost every incoming presidential candidate with a chance is pro BTC and crypto. BTC and ETH ETFs incoming. old guard failed, we own it.”



BBC News explained more on China’s WeChat app—the same app Musk is modeling X after:

Launched by technology giant Tencent in 2011, WeChat is now used by almost all of China’s 1.4bn people.

Calling it a super-app is an understatement.

Its services include messaging, voice and video calling, social media, food delivery, mobile payments, games, news and even dating.

It is like WhatsApp, Facebook, Apple Pay, Uber, Amazon, Tinder and a whole lot more rolled into one.

It is so woven into the fabric of Chinese society that it is almost impossible to live there without it.

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