Elon Musk’s vision of turning the social media platform (formerly Twitter) into an all-encompassing “Everything App” is inching closer to reality. The platform recently acquired a money transmitter license in Washington D.C., bringing the total number of regions where it can offer payment services to 31 states and the District of Columbia. This marks a significant step towards Musk’s ambitious goal.

Following the introduction of paid verification, X has taken another significant step towards Elon Musk’s vision for a comprehensive platform. By acquiring a money transmitter license, X paves the way for users to conduct financial transactions directly within the app. This integration marks a shift from X’s origins as a social media platform and propels it towards becoming a multi-functional service provider.

 X, the social media platform previously known as Twitter, continues its march towards becoming an “everything app” under Elon Musk’s leadership. The company recently secured a money transmitter license in Washington D.C., bringing its total to 31 states and the District of Columbia.

This move aligns with Musk’s vision of transforming X into a one-stop shop, handling financial transactions akin to services like PayPal or Apple Pay. Acquiring these licenses is vital for X to operate its payment services nationwide.

Elon Musk’s acquisition of Twitter in April 2022 for $44 billion was a period of high-voltage drama. Following a period of intense scrutiny, the platform underwent a significant transformation, including a rebranding to X. This move reflected Musk’s long-held interest in the letter “X,” previously used in his initial attempt at an online financial platform. The current drive for money transmitter licenses aligns with Musk’s ambitious vision to expand X’s functionalities beyond social media.

Leaked documents suggest plans for Venmo-like payment features on X. The company aims to undercut competitors with minimal fees, hoping to boost user engagement. Revenue generation is expected to come primarily from merchant fees and integrated banking services like checking accounts.

Securing licenses in all 50 states would unlock full-scale payment operations across the U.S., transforming X from a microblogging platform into a comprehensive digital service provider. This shift in X’s functionality could significantly alter the user experience and potentially threaten the dominance of existing payment services like PayPal, Google Pay, and Apple Pay.

Also Read: Riot Platforms Pushes for Board Shakeup at Bitfarms in Takeover Bid