In a video posted on September 21st, Linda Yaccarino, the CEO of X (formerly known as Twitter), unveiled a glimpse into the forthcoming payment features on the platform. Yaccarino’s video provided insights into several features set to launch on X in the near future, including peer-to-peer payments, retail payments, and rewards.
Additionally, the video teased some financial features associated with content sharing, images, audio, and more within the app. This revelation has sparked speculation within the community about X’s potential integration of financial services, especially after the company received payment licenses in several U.S. states in July and August.
a hint of what’s to come… (in higher res) pic.twitter.com/bMeKX1bgb7
— Linda Yaccarino (@lindayaX) September 21, 2023
Records currently show that the platform has secured money transmission licenses in Arizona, Georgia, Maryland, Michigan, Mississippi, Missouri, New Hampshire, and Rhode Island. Furthermore, X has submitted an application to the Financial Crimes Enforcement Network (FinCEN) to expand its payment services nationwide. Despite these developments, the integration of cryptocurrency payment features on this popular social media platform remains unconfirmed.
However, many believe that X may introduce crypto payment features in the near future. In January, the Financial Times quoted anonymous sources who hinted at the impending launch of payment features on the app. According to these sources, rumors circulated about Elon Musk’s interest in promoting this move, focusing on facilitating fiat currency transfers with support for cryptocurrencies.
At that time, Musk served as the CEO of Twitter and currently holds the positions of Chief Executive Officer and Chief Technology Officer at X. Historically, the app has supported Bitcoin and Ethereum tips for content creators and allowed NFTs to be used as profile pictures.
Furthermore, X has entered into collaborations to expand its financial capabilities. The platform has partnered with Stripe to provide users with payments using USDC (USD Coin). Additionally, X has joined forces with eToro, granting the community access to stock and cryptocurrency trading.
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