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Elon Musk's X Secures New Payment License in Key US State

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Tue, 28/11/2023 - 12:06
Elon Musk's X Secures New Payment License in Key US State
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In a significant stride toward Elon Musk's vision of transforming X into the "everything app," the company formerly known as Twitter has achieved a milestone by securing a money transmitter license from South Dakota regulators.

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This latest approval, granted on Nov. 27, may bolster X's position as a formidable player in the financial services sector, akin to established companies like PayPal and Stripe.

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The coveted money transmitter license, which designates X as a money service business (MSB) in South Dakota, enables the company to facilitate seamless cross-border money transfers. Acting as intermediaries, MSBs play a crucial role in connecting individuals and businesses engaged in financial transactions.

This achievement aligns with Elon Musk's broader strategy to develop X into an all-encompassing platform, integrating both traditional fiat and maybe even cutting-edge cryptocurrency payments.

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Source: Nationwide Multi-State Licensing System

The billionaire, who officially acquired Twitter last October, expressed his vision for X as the "everything app," with this latest licensing breakthrough serving as a significant accelerant toward realizing that goal.

Recent approval follows X's earlier success in obtaining currency transmitter licenses in Rhode Island, marking a total of 10 American states where the company can now operate as a money transmitter. The states include Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island and the newly added South Dakota.

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This regulatory nod from South Dakota's authorities underscores the growing influence of X in the financial landscape. 

As Elon Musk continues to steer X toward becoming an inclusive financial ecosystem, the latest licensing achievement marks a crucial step forward in the company's journey toward redefining the boundaries of financial technology.

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