X, formerly Twitter and now owned by Elon Musk, has obtained a money transmitter license in South Dakota, achieving a crucial milestone in its pursuit of becoming an all-encompassing “everything app.”
This license officially designates X as a Money Service Business (MSB), allowing it to facilitate cross-border money transfers and positioning it alongside established entities like PayPal and Stripe.
Elon Musk’s vision for X as a comprehensive platform, extending beyond social media to include robust financial services, takes a significant step forward with this regulatory approval.
Operating as a money transmitter in ten American states, X is poised to play a prominent role in reshaping the future of financial technology.
The recent success in South Dakota underscores X’s commitment to compliance and marks a pivotal step toward establishing an inclusive financial ecosystem.