Elon Musk's X Takes Aim at Payments, Envisions "Everything App"

<p>In a push for the transformation of X (previously Twitter), Elon Musk has revealed plans to launch peer-to-peer payments soon. According to a Tuesday blog post, this innovation marks another significant step in Musk's ambitious quest to reshape X into an
all-encompassing platform where users can seamlessly blend social interactions
with financial activities.</p><p>Redefining the 'Everything App</p><p>Under Musk's helm, X has transformed from a mere
social networking platform. Musk's aspirations extend beyond conventional
interactions, CNBC reported. He envisions X as an expansive "everything
app." </p><p>Beyond <a href="https://www.financemagnates.com/tag/p2p/" target="_blank" rel="follow">peer-to-peer</a> payments, Musk foresees a
platform where users can seamlessly navigate diverse functionalities, from
posting updates to managing their financial endeavors.</p><p>Musk's foray into the financial landscape
through his latest endeavor, X (formerly Twitter), is a strategic journey
marked by deliberate steps towards integrating cryptocurrency into the
platform, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported. </p><p>While Tesla no longer fully embraces BTC <a href="https://www.financemagnates.com/terms/p/payments/">payments</a>
and holds lesser BTC on its balance sheet, X's recent acquisition of a Rhode
Island Currency Transmitter License has ignited speculation about its impending
<a href="https://www.financemagnates.com/trending/8-signs-that-elon-musks-x-is-gearing-up-for-crypto/" target="_blank" rel="follow">crypto integration</a>.</p><p>The acquisition of a Rhode Island Currency Transmitter
License marks the eighth state in which X has obtained such licensing, hinting
at a strategic move towards crypto integration. This license, part of a
Multi-state Licensing Agreement for Financial Services Companies, extends X's
coverage across 22 states.</p><p>X Embraces Crypto </p><p>However, these licenses aren't exclusively for
crypto and are also utilized by traditional payment businesses. Beyond licensing, X's partnership with eToro for
stock and crypto ticker integration, as well as past inclinations by Twitter
under Jack Dorsey's leadership towards <a href="https://www.financemagnates.com/terms/b/blockchain/">blockchain</a>, indicate a potential shift
towards crypto.</p><p>Musk's vision to transform X into an
all-encompassing "everything app" akin to WeChat suggests a
multifaceted platform encompassing finance and payments, with a nod towards cryptocurrency.</p><p>Musk's long-standing ambition, dating back to his
1999 plans for an online bank named X.com, aimed to cover all financial needs,
envisioning instant transactions. His recent rebranding of Twitter as X ties
back to this vision, echoing his desire for a comprehensive financial platform.</p><p>Last year, reports surfaced that X was <a href="https://www.financemagnates.com/cryptocurrency/x-social-media-searches-for-financial-data-partners-for-super-app-report/" target="_blank" rel="follow">seeking proposals from potential collaborators</a> specializing in real-time stock data and
financial content provision. This move aligns with Musk's vision to expand the
platform's capabilities, intending to cater to diverse user needs.</p><p>Amidst these pursuits, reports emerged that X was
searching for interested parties with promises of access to its vast user base,
potentially reaching hundreds of millions of users. However, the specific
companies involved in the proposal submissions remain undisclosed, raising
curiosity within the financial and tech spheres.</p>

This article was written by Jared Kirui at www.financemagnates.com.