As a result of obtaining licenses across several jurisdictions, X may now begin processing payments in both crypto and traditional fiat currencies, taking its goal of becoming a “everything app” one step closer.
The recent receipt of a currency transmitter license by Elon Musk’s ‘X’ from yet another US state, Rhode Island, has strengthened Musk’s plans to transform what was once a straightforward social media or microblogging platform into a ‘everything app,’ which processes payments in addition to affecting a variety of other industries.
Musk added that the network is being envisioned to be one that lets users interact, share, and even handle payments. Musk began a significant redesign, turning Twitter into ‘X’. There are several of these extremely popular “everything” or “super” apps already available in China and even other Southeast Asian markets, however these apps have not yet reached western markets.
In the early stages of its project, X might only accept payments in fiat currency before switching to cryptocurrency.
Since its takeover, X, formerly known as Twitter, has gotten several modest and significant features that have hinted towards the arrival of cryptocurrencies or digital payments. An illustration of this is the addition of stock and cryptocurrency charts that appear during searches and enable users to observe real-time market prices while navigating the platform.
Musk’s all-time favorite cryptocurrency, the “doge coin,” has seen a 3% gain in value since the news of “X” joining crypto payments broke.