Elon Musk squashes speculation of an X crypto token Elon Musk squashes speculation of an X crypto token
Social media platform X has scored several payment-related licenses recently.
2 min read
Updated: Aug. 31, 2023 at 10:33 am UTC
NORAD and USNORTHCOM Public Affairs / Public Domain.
Elon Musk has quashed any possibility that his social media platform X, formerly Twitter, would not launch any cryptocurrency token in an Aug. 31 post on the site.
Musk shared this insight in response to a developer’s post on the social media platform. The developer emphasized the platform’s primary goal of integrating real-world financial functionality rather than having a cryptocurrency substitute.
Musk posted “Correct” in response, showing he agreed with the statement.
Meanwhile, this marks the second instance this month where Musk has dampened hopes about the platform’s launching a digital asset. On Aug. 5, Musk made it clear that X has no plans to launch a cryptocurrency despite the rising popularity of various X tokens online. According to the Tesla CEO, X will “never” develop a token.
The speculation surrounding a potential X Coin stemmed from Musk’s involvement in the crypto sphere and the actions of some of his companies, like Tesla. Before he acquired Twitter, Musk frequently discussed meme coins, with several of his posts influencing the prices of Dogecoin, Floki Inu, and others.
However, his priorities appear to have shifted since taking control of the platform, with his primary focus now being on profitability and transforming the social media platform into a super app.
X is getting financial licensing
Meanwhile, X has taken significant steps towards incorporating cryptocurrencies into its operations. Notably, the company has secured a currency transmitter license in Rhode Island, permitting it to manage and facilitate digital currency transactions.
In addition to this, X has proactively registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to obtain Money Service Business licenses. This strategic move has expanded X’s portfolio to include money transmitter licenses in three states: Michigan, New Hampshire, and Missouri.
Despite these licenses, X has yet to launch any payment service. However, these actions underscore its commitment to embracing financial services offerings for its users.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.