25 US States Granting Money Transmitter License to Twitter
The world’s most popular micro-blogging platform, X, formerly called Twitter, is getting closer to its aim of becoming an “Everything App” after the company was successfully granted a money transmitter license in 25 US States. The recent development with Twitter allows the company to operate payment services similar to PayPal or Apple Pay.
One of Elon Musk’s visions after acquiring Twitter is to transform it into an “everything app.” This expansion includes recent additions of Tennessee and Nevada in 2024. Musk is also anticipating the acquisition of licenses in New York and California, which would significantly advance the platform’s capabilities in payment processing, aligning with his broader goals for X’s transformation and utilization.
Granting of Money Transmitter License to X
Since Elon Musk acquired Twitter in April 2022 for $44 billion, he has sought to change how the social media platform operates completely. Musk has transformed the platform’s capabilities through a massive rebrand of the website known as X. The social media platform was added to a growing list of tech companies under the world’s richest man’s watch.
This April, Tenessee became the latest US state to join the growing list of states granting money transmitter licenses to X. Last January, Nevada granted a money transmitter license to X. The list of states is not only growing, but according to Elon Musk, it has no sign of stopping.
A separate report by Reuters revealed that Tesla and SpaceX CEO Elon Musk stated that one of the most populous states in the US, California, is just a month away from granting the money transmitter license for Twitter or X.
Elon also revealed that the state of New York is also “a few months away” from granting the same license. If both California and New York grant a license to X, it would represent a massive step toward developing X as a formidable force in the payment processing service. It could compete against industry giants like PayPal and Visa.
Granting licenses from New York and California is crucial for the company as it would bring millions of users to their platform regarding money transmission. Once X receives the necessary licenses, the platform will significantly shift in public perspective and utilization.
The granting of a license from 25 states is a strong sign that X is highly likely to be granted a license in all 50 states, which would allow full payment service operations across the entire United States. X users are also anticipating more updates from the company as they announced that there will be announcements for Wallet accounts, payments to any users, interest on funds, shopping, subscriptions, and tipping all within the X platform.
Here’s the List of the 25 States in the US Granting X License
- Iowa
- Ohio
- Utah
- Florida
- Kansas
- Oregon
- Virginia
- Nevada
- Arizona
- Georgia
- Missouri
- Michigan
- Wyoming
- Arkansas
- Maryland
- Nebraska
- Louisiana
- Tennessee
- Mississippi
- New Mexico
- West Virginia
- Pennsylvania
- Rhode Island
- South Dakota
- New Hampshire
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