Cryptocurrency NewsElon Musk's X Appears to Launch Specialized Payments Portal

Elon Musk’s X Appears to Launch Specialized Payments Portal

On January 19th, a noticeable presence of “X Payments” was observed on a social media platform, indicating Elon Musk’s ongoing efforts to secure money transmitter licenses throughout the United States.

This move appears to be in line with Musk’s ambitious plans for X, especially following his significant $44 billion acquisition in 2022. He envisions X as a key player in the global financial sector.

Despite no official confirmation, experts in the cryptocurrency field suggest that digital assets might be a part of these strategies. However, Musk has emphasized a greater focus on fiat currency transactions in terms of technical development.

X has been proactive in obtaining numerous money-transmitter licenses, with successes in several states, including Utah. Musk’s influential social media enterprise has also collaborated with eToro, a trading platform, to integrate cryptocurrency and stock trading capabilities within the app.

Concurrently, there has been a shift in X’s approach to certain web3 elements. As reported by crypto.news, the company, post-Musk’s takeover, has discontinued the use of NFT profile pictures and deactivated the feature for uploading blockchain-based digital collectibles.

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