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Elon Musk’s X Payments LLC has received the Money Transmitter License from the United States of Utah, consolidating its efforts to bring digital banking to the country and around the world.
The X Payments License
The X Payments license became effective as of January 12 and is bound to last through the year at the very least. The license places X Payments’ plans to operate in Utah at par with other key states including Wyoming, Rhode Island, Michigan, New Hampshire, and Missouri where it has also secured similar approvals.
As far as Utah is concerned, X Payments has applied for licensing at least three times with a more than 66% approval rate. Before this current approval to conduct business was granted, the Utah Department of Financial Institution (DFI) denied X Payments’ application to conduct related services in 2023 as shown on its archive.
Despite the intriguing licenses X has secured, the firm has not made any platform changes to activate its payment gateway as of yet. While the money business is potentially under intense development, there is no confirmation of when the product will be actively launched, but expectations abound for the launch to happen this year.
When quizzed about the update on California and New York States, Elon Musk hinted that the pursuit of licensing in these regions is typically the most difficult. This suggests that X Payments is eyeing doing business in these regions as well.
Is Crypto Payments Incoming?
When Elon Musk acquired X, formerly Twitter, he promised to turn the platform into an everything app that would not only grant users access to free speech but empower them to do much more.
The X platform is currently thriving, despite the intense backlash received in the early days, one of the key updates many are looking forward to is the integration of cryptocurrencies into the X Payment platform. Elon Musk is already an advocate of cryptocurrencies and he recently acknowledged the potential role of Bitcoin in facilitating payments.
The journey to actualization is a very steep one but the X platform already has the client base as the majority of cryptocurrency transactions typically take place on the social media outlet.
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