Technology

Elon Musk’s X Payments Gets Another Money Transmitter License

According to persons acquainted with the case, there have been reports that Elon Musk’s X Payments has been granted a new money transmitter license in South Carolina. X Payments has secured permits in 29 states to win clearance. The firm is studying the possibility of supplying payment services this year. This means the introduction of payments on social networking platforms is almost ready. Transforming the platform into an “everything app” is a component of the overall plan.

South Carolina licenses X Payments

A significant member of the X and Dogecoin communities, DogeDesigner, said in an X post on June 24 that X Payments has obtained a money transmitter license in South Carolina. Also, he mentioned that X has now been licensed in 29 states. After first filing for licenses in 32 states, the business is now pursuing permits in all 50 states in the US. With the most recent license in hand, X Payments can now be used in the following states: Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Ohio, Oregon, Pennsylvania, Rhode Island, South Dakota, South Carolina, Tennessee, Utah, Virginia, West Virginia, and Wyoming.

South Carolina licenses X Payments

In the middle of 2024, Elon Musk’s X Payments stated his intention to start a payments business. According to X Payments LLC, the company’s prior license in Kentucky was received on May 10. Documents about money transmitter licenses in various jurisdictions were recently made public by btccraze, and they showed. The social networking platform has payment facilities similar to Venmo. In addition, X intends to implement payment systems with meager fees. The corporation informed authorities that it plans to use its payments—tits payments participation and engagement” on X to grow its business. Interchange fees and banking products, such as checking accounts, are expected to be substantial.

Dogecoin Community Expects Integration Announcement

The Dogecoin community is waiting for Elon Musk to tease them with some information regarding his ambitions to include DOGE in the payments network. On the other hand, X disclosed earlier that they are not aiming. Integrating cryptocurrency is essential because there is limited regulatory clarity.

Dogecoin Community Expects Integration Announcement

Tesla has included Dogecoin as a payment method for specific products in a frequently asked questions section on the official website. Several months before this move, Elon Musk’s X Payments had made a veiled reference to the possibility of adopting. Dogecoin will be an official payment method for its automobiles at some point in the future.

The price of DOGE is currently trading at $0.1192, representing a decrease of 4% over the previous twenty-four hours. The low for the past 24 hours is $0.1158, and the high for the same period is $0.1262. In addition, the trading volume has increased by 167% due to panic selling actions across the cryptocurrency market.

Also Read: Why Is the Bitcoin Price Down Today? What Next For BTC Price?

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