Elon Musk's X can now act like a bank in 12 US states
Technology
It has licences to provide some financial services in at least a dozen states
(Web Desk) - Elon Musk’s X, formerly Twitter, is forging ahead in its bid to become a banking service.
The company has now scooped up financial services licenses to operate in 12 U.S. states — bringing it closer to realizing Musk's vision of turning X into an "everything app" or one-stop shop for banking, shopping, streaming and networking.
The company is now authorized to provide payments services in at least a dozen states having recently secured regulatory approval to operate in South Dakota, Kansas, and Wyoming, according to the Nationwide Multistate Licensing System’s database.
The licences are granted to an entity called X Payments LLC, formerly Twitter Payments LLC.
"Progress," Musk commented on the latest license acquisitions, reaffirming his commitment to X's evolution into platform not dissimilar to WeChat in China, which enables users to send and receive money on the app.
The push could also put X in direct competition with payment companies, including PayPal, which Musk helped found.
“We are rapidly transforming the company from what it was, Twitter 1.0, to the everyone app,” Musk reportedly told employees during the company’s first all-hands call in October.
“And I think this is the fastest rate of innovation maybe ever for any internet company.”
