In a push for the transformation of X (previously Twitter), Elon Musk has revealed plans to launch peer-to-peer payments soon. According to a blog post released today (Tuesday), this innovation marks another significant step in Musk's ambitious quest to reshape X into an all-encompassing platform where users can seamlessly blend social interactions with financial activities.
Redefining the "Everything App"
Under Musk's leadership, X has transformed from a social networking platform. His aspirations extend beyond conventional interactions, CNBC reported. Musk envisions X as an expansive "everything app".
Beyond peer-to-peer payments, the billionaire foresees a platform where users can seamlessly navigate diverse functionalities, from posting updates to managing their financial transactions.
Musk's foray into the financial landscape through X is a strategic journey marked by deliberate steps towards integrating cryptocurrency into the social networking platform, Finance Magnates reported.
While Tesla no longer fully embraces BTC payments and holds lesser BTC on its balance sheet, X's acquisition of a Rhode Island Currency Transmitter License recently ignited speculation about its impending crypto integration.
The acquisition of this license marked the eighth state in which X has obtained such licensing, hinting at a strategic move towards crypto integration. This approval, part of a multi-state licensing agreement for financial services companies, extends X's coverage across 22 states.
X Embraces Crypto
However, these licenses are not exclusively for crypto but are utilized by traditional payment businesses. Beyond licensing, X's partnership with eToro for stock and crypto ticker integration, as well as past inclinations by Twitter under Jack Dorsey's leadership towards blockchain , indicate a potential shift towards crypto.
Musk's long-standing ambition, dating back to his plans for an online bank named X.com in 1999, is aimed at covering all financial needs, including instant transactions. His recent rebranding of Twitter as X ties back to this vision, echoing his desire for a comprehensive financial platform.
Last year, reports surfaced that X was seeking proposals from potential partners specializing in real-time stock data and financial content provision. However, the specific companies involved in the partnership remain undisclosed, raising speculation within the financial and technology space.
