Elon Musk's X Payments secures new licenses, inches closer to payment feature rollout this year

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Elon Musk’s financial venture, X Payments LLC., has secured a trio of money transmitter licenses in Illinois, New Mexico, and Oregon, according to a recent update from NMLS Consumer Access. With the latest set of licenses, X Payments has been granted the regulatory nod in 22 states after applying to launch its payment services in 32 states.

The approvals came in quick succession, with Oregon granting its license on March 13 and the remaining two states following suit on March 20.

The news marked a leap toward the company’s goal of integrating payment features this year. Musk said in a conversation with Cathie Wood last December that he expected to launch in-app payment services on X around mid-2024. The planned offerings align with Musk’s vision to turn X into an “everything app.”

January was a fruitful month for X Payments, with a Nevada license acquisition and X Payments’ integration into the X social media platform — signaling a near-future service launch. The licensing activity has also spurred excitement about crypto’s role in X Payments, especially Dogecoin (DOGE), given Musk’s vocal support of the meme coin.

Upon the latest license announcement, the DOGE market responded energetically, with its price climbing by 16% in a single day, according to data from CoinGecko.

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