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.
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.
Yuri MolchanThe 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.
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.
Gamza KhanzadaevThis 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.
Alex Dovbnya
Arman Shirinyan
Dan Burgin