Musk's X approved for Virginia money transmitter license

The state of Virginia gives the X messaging platform approval to process electronic payments – making it one step closer to becoming Elon Musk’s visionary “everything” app.

It’s the 17th US state to green light the money transmitter license, as the Musk-owned social media platform advances efforts toward introducing payment features.

The Virginia license allows X to facilitate money transfers electronically as of Tuesday, January 16th, according to the Nationwide Multistate Licensing System & Registry, an online database.

On Friday, the state of Utah also issued X approval for a transmitter license.

Musk has said that introducing payments would help X, formerly Twitter, transform into an "everything app" with services beyond social media. This would include the ability to send peer-to-peer payments, he has said.

Despite X steadily gaining approval for state money transmitter licenses, Musk said on Monday that New York and California "take the longest for approval."

Reuters previously reported that Twitter began the process to apply for money transmitter licenses before Musk's acquisition, targeting states with easier requirements first before pursuing large states like New York and California with stricter application processes.

Other states that have recently granted money transmitter licenses to X include Florida, Arkansas, and Pennsylvania.

More from Cybernews:

BreachForums former admin gets 15 year prison sentence

AI and big data: the energy suckers of the future

Pandora’s box: AI in an X-rated world

One hell of a year: Inferno Drainer malware stole $80M

Romance scammer faces jail for money laundering

Subscribe to our newsletter

Leave a Reply

Your email address will not be published. Required fields are markedmarked