The state of Virginia has granted approval to Elon Musk’s X messaging platform, allowing it to process electronic payments. This significant milestone positions Virginia as the 17th state in the US to give the green light for money transmitter licenses to X. The approval, effective from Tuesday, January 16th, according to the Nationwide Multistate Licensing System & Registry, marks a crucial step in Musk’s grand vision of transforming X into an all-encompassing “everything” app.
Joining the ranks, the state of Utah has also recently approved X for a transmitter license, reinforcing the platform’s nationwide progression. Elon Musk has emphasized that incorporating payment features is key to X’s evolution beyond its origins as Twitter, envisioning it as a versatile platform offering services beyond social media. Despite these achievements, Musk noted that New York and California present more significant challenges in the approval process, acknowledging their lengthier timelines.
This strategic move by Musk aligns with the platform’s pre-acquisition groundwork when Twitter initiated the process of applying for money transmitter licenses. The approach involved targeting states with more lenient requirements first, before pursuing approvals in more stringent states like New York and California. The recent approvals in Virginia and Utah, alongside previous nods from states including Florida, Arkansas, and Pennsylvania, highlight X’s persistent efforts and growing success in gaining recognition for its innovative payment features. The platform is steadily advancing toward Musk’s ambitious goal of making X an integral part of users’ daily lives through its diverse range of services.
