X (Twitter) scores licence to launch payments

Elon Musk’s journey to make X, formerly Twitter, the ultimate super app continues as it secures a licence to integrate payments into its platform.

Rhode Island regulators granted X a currency transmitter licence, which is legally required for companies that want to conduct financial activities on behalf of users sending and receiving money.

The licence allows the social media platform to custody, transfer and exchange digital currencies and brings X to a total of seven currency transmitter licences across the US —  Michigan, Missouri, New Hampshire, Arizona, Maryland and Georgia make up the rest.

Last November Musk told employees that he eventually wants the platform to offer a whole range of bank-related products, including debit cards, loans and, archaically, cheques.

“Payments really are just the exchange of information,” he said in a staff meeting at the time.

“From an information standpoint [there’s] not a huge difference between, say, just sending a direct message and sending a payment. They are basically the same thing.”

The upcoming plans for X in terms of payments features only include support for fiat currencies, but will reportedly expand to include crypto in the future, sources told Cointelegraph.