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

Dogecoin (DOGE) is up 16% in the last 24 hours.

Elon Mush X Payments license

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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.

Elon Musk X Payments approval

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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