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Elon Musk is moving fore with his architectural plan to turn the company formerly known as Twitter , now call up X , into an “ everything app ” that include its own payments system . The troupe in late November was grant three additional money transmitter licence in the U.S. state of South Dakota ( on November 27 ) , Kansas ( on November 28 ) and Wyoming ( on November 30 ) , bringing the total number of states where the company is allowed to rent in money transfers to 12 .
The other states where the company had previously been yield a money transmitter licence include Arizona , Georgia , Iowa , Maryland , Michigan , Mississippi , Missouri , New Hampshire and Rhode Island . All of the states were licensed this year , bulge out with New Hampshire on June 29 .
Arizona , Michigan and Missouri were added in July followed by Georgia , Maryland and Rhode Island in August , and Iowa and Mississippi in September . The registration are colligate with a commercial enterprise named “ X defrayment LLC , ” formerly “ Twitter Payments LLC , ” which will operate the money transfer operations at X. ( The name of the permit may deviate , but all would allow for X to process payments or move money in the state . )
Musk confirmed the accession ina position on X , inresponseto an article byThe Streetwhich noted the November 27 addition of South Dakota . The Street ’s reporting indicated the company had only been register in 10 states , allot to the Nationwide Multistate Licensing System ’s database . Now , the database is showing the most late additions , as well .
“ Progress , ” was Musk ’s only comment on the unexampled registrations .
However , Musk has previously spoken about his plans to morph X into a defrayment platform , having earlier detailed his imagination for the future of the company short after the skill . Hehas described Twitter , now X , as a seat where user would be able to send money to others on the platform , and extract their funds to authenticated bank account , and perhaps afterward , a high - yield money market story that would encourage mass to keep their cash in accounts with X. This plan would put X into competition with PayPal , a company Musk is credit with co - origination via its merger with his X.com . With Twitter , Musk is hoping to once again complete the vision he had for X.com as a disruptor to the existing banking system . Whether or not that move will also involve crypto is yet to be determined , but it ’s worth noting that a money vector licence would be call for if ecstasy were to supportcryptocurrencies .
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Of naturally , X ’s ability to monetise via ads has taken a downswing in late twenty-four hours , asan advertiser exoduswas prompted by Musk ’s imprimatur of an antisemitic post on the chopine and reports that brand ’ campaigns were appear next to detest lecture . As a result , X has lost several large adman , including Apple , Disney , IBM , Paramount , Warner Bros. , Lionsgate , Comcast / NBCU , Walmart and others . The company also fall behind adeal with Paris Hilton ’s 11:11 Media , which would have see the celeb tout live sound recording , live TV and bouncy shopping on X. Musklashed outat Hilton after the slew went south , but the departures could write bother for X ’s monetisation plans , and therefor its Jehovah saving and payments aspiration .
Elon Musk detail his vision for a Twitter payments system
