HF Markets
🔥 Most Visited​
Stock Alert : Intel stocks are down 14.07% in the last 24 hours – Buy Stock Here

X Welcomes Money Transfer License in 25 States

X Welcomes Money Transfer License In 25 States

X, an Elon Musk-owned company, is stepping forward to receive the money transfer license across 25 states, knowing that they can now transfer money from one state to another under legal circumstance. Enabling the licence has caught the overall attention of social media, allowing the users to legally execute the transactions in the same way as they do on PayPal and other payment platforms. This prospect has left social media to address an open scale that was previously limited to sharing posts. 

In 2024, X added two more states to its list of states to legally transmit money: Tennessee and Nevada. According to Elon Musk’s latest announcement, they are hoping to bring the license to states including New York and California as soon as possible.

Elon Musk’s Perception Behind the Money Transfer License 

In April 2022, Elon Musk finally acquired ownership of Twitter, waving the beginning of his efforts to transform the social media network entirely, making it more flexible and comprehensive. He thus rebranded Twitter to “X” as of October 2022, making its first successful step in making it an “everything app”

As a Second step, Elon has now welcomed money transfer licenses in about 25 states. From these 25, Tennessee is among the latest additions, along with Nevada, the second most recent state to allow a money transfer license. Elon Musk declares that he sees no indications of blocking the development linked with the increasing number of states authorizing the X a payment network. 

According to Reuters, Elon Musk, the CEO of Tesla, claimed that a California License was just a month away and that the New York license would take more than a month to be granted. The authorization from California and New York will put X in a great position as an online payment network. 

Also read: Hong Kong Authorities Suggest Self-Regulating The Crypto Corporation