Elon Musk's X Payments Receives New Licenses for Launch This Year

Highlights

X Payments LLC receives money transmitter licenses in Illinois, New Mexico and Oregon.
Elon Musk expects X Payments to go live by mid-2024.
DOGE price jumps on anticipated integration with X Payments.

Elon Musk’s X Payments has received three more money transmitter licenses from US states, as per sources familiar with the matter. With the latest set of licenses, X Payments has received licenses in 22 states to gain approval as the company explores offering payment features this year. Elon Musk told Ark Invest CEO Cathie Wood that he expects that payment features need to go live by mid-2024.

X Payments 3 New Licenses

X Payments LLC has been granted a money transmitter license to offer payment services in Illinois, New Mexico and Oregon states. Elon Musk’s X Payments applied for money transmitter licenses in 32 states and has received 22 licenses for offering payment services on X.

The latest license approvals came from authorities in New Mexico and Illinois on March 20. Elon Musk has got X Payments registered with the Financial Crimes Enforcement Network (FinCEN) as a money service business. It is part of billionaire Elon Musk’s plan to develop an “everything app” similar to Venmo or PayPal. The features will include payments/banking services, video and audio calling, dating, etc.

CoinGape reported that X Payments was granted a money transmitter license to offer payment services in Nevada state by the Nevada Financial Institutions Division in January. In the same month, X Payments account was added to social media platform X, indicative of the plan to launch services soon this year.

Also Read: Ripple Vs SEC Update: Judge Torres Considers Extending XRP Lawsuit Fair Enough

DOGE Price Jumps 15%

Dogecoin price jumped 1% after the news reached the market sparking further positive sentiment in the Dogecoin investors. DOGE price currently trades at $0.152, up over 15% in the last 24 hours. The 24-hour low and high are $0.127 and $0.157, respectively.

Coinbase Derivatives on Wednesday announced launching of Dogecoin futures after receiving approval from the U.S. Commodity Futures Trading Commission (CFTC). In a surprising move, Coinbase chose to make this Dogecoin futures trading filing with the CFTC rather than the US SEC.

Last week, Elon Musk announced adding DOGE as a payment method to purchase Tesla cars in the near future. Similarly, Elon Musk has earlier hinted at integrating Dogecoin for payments on X and the plans are still in construction discussions.

Also Read: Bitcoin Traders Buying Calls for $76K Amid $2.6B in BTC and ETH Options Expiry

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