In a push for the transformation of X (previously Twitter), Elon Musk has revealed plans to launch peer-to-peer payments soon. According to a blog post released today (Tuesday), this innovation marks another significant step in Musk’s ambitious quest to reshape X into an
all-encompassing platform where users can seamlessly blend social interactions
with financial activities.
Under Musk’s leadership, X has transformed from a social networking platform. His aspirations extend beyond conventional
interactions, CNBC reported. Musk envisions X as an expansive “everything
app”.
Beyond peer-to-peer payments, the billionaire foresees a
platform where users can seamlessly navigate diverse functionalities, from
posting updates to managing their financial transactions.
Musk’s foray into the financial landscape
through X is a strategic journey
marked by deliberate steps towards integrating cryptocurrency into the social networking platform, Finance Magnates reported.
While Tesla no longer fully embraces BTC payments
and holds lesser BTC on its balance sheet, X’s acquisition of a Rhode
Island Currency Transmitter License recently ignited speculation about its impending
crypto integration.
The acquisition of this license marked the eighth state in which X has obtained such licensing, hinting
at a strategic move towards crypto integration. This approval, part of a multi-state licensing agreement for financial services companies, extends X’s
coverage across 22 states.
X Embraces Crypto
However, these licenses are not exclusively for
crypto but are utilized by traditional payment businesses. Beyond licensing, X’s partnership with eToro for
stock and crypto ticker integration, as well as past inclinations by Twitter
under Jack Dorsey’s leadership towards blockchain , indicate a potential shift
towards crypto.
Musk’s long-standing ambition, dating back to his plans for an online bank named X.com in 1999, is aimed at covering all financial needs,
including instant transactions. His recent rebranding of Twitter as X ties
back to this vision, echoing his desire for a comprehensive financial platform.
Last year, reports surfaced that X was seeking proposals from potential partners specializing in real-time stock data and
financial content provision. However, the specific
companies involved in the partnership remain undisclosed, raising speculation within the financial and technology space.
In a push for the transformation of X (previously Twitter), Elon Musk has revealed plans to launch peer-to-peer payments soon. According to a blog post released today (Tuesday), this innovation marks another significant step in Musk’s ambitious quest to reshape X into an
all-encompassing platform where users can seamlessly blend social interactions
with financial activities.
Under Musk’s leadership, X has transformed from a social networking platform. His aspirations extend beyond conventional
interactions, CNBC reported. Musk envisions X as an expansive “everything
app”.
Beyond peer-to-peer payments, the billionaire foresees a
platform where users can seamlessly navigate diverse functionalities, from
posting updates to managing their financial transactions.
Musk’s foray into the financial landscape
through X is a strategic journey
marked by deliberate steps towards integrating cryptocurrency into the social networking platform, Finance Magnates reported.
While Tesla no longer fully embraces BTC payments
and holds lesser BTC on its balance sheet, X’s acquisition of a Rhode
Island Currency Transmitter License recently ignited speculation about its impending
crypto integration.
The acquisition of this license marked the eighth state in which X has obtained such licensing, hinting
at a strategic move towards crypto integration. This approval, part of a multi-state licensing agreement for financial services companies, extends X’s
coverage across 22 states.
X Embraces Crypto
However, these licenses are not exclusively for
crypto but are utilized by traditional payment businesses. Beyond licensing, X’s partnership with eToro for
stock and crypto ticker integration, as well as past inclinations by Twitter
under Jack Dorsey’s leadership towards blockchain , indicate a potential shift
towards crypto.
Musk’s long-standing ambition, dating back to his plans for an online bank named X.com in 1999, is aimed at covering all financial needs,
including instant transactions. His recent rebranding of Twitter as X ties
back to this vision, echoing his desire for a comprehensive financial platform.
Last year, reports surfaced that X was seeking proposals from potential partners specializing in real-time stock data and
financial content provision. However, the specific
companies involved in the partnership remain undisclosed, raising speculation within the financial and technology space.
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- Source: https://www.financemagnates.com//fintech/elon-musks-x-takes-aim-at-payments-envisions-everything-app/
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