Altcoin News

Elon Musk’s X Payments Nears Launch, Receives Another Money Transmitter License

Elon Musk's X Payments has received a new money transmitter license in South Carolina. X Payments now has license in 29 US states, with rollout planned this year.
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Elon Musk’s X Payments Nears Launch, Receives Another Money Transmitter License

Highlights

  • Elon Musk's X Payments reportedly received a new money transmitter license in South Carolina, as per sources.
  • X now has money transmitter license in 29 states and nears roll-out soon.
  • Dogecoin community awaits hints from Elon Musk about plans to integrate DOGE into the payments network.

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”.

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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

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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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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