Their current business, X (formerly known as Twitter), is expanding into new areas with the anticipated launch of in-app payment services by mid-2024. Elon Musk, the brilliant mind behind companies like SpaceX and Tesla, is taking his work forward. Latest efforts in new field. This action is considered a component of Musk’s master plan to turn X into an “everything app”, a notion that has received a lot of attention and discussion due to its potential.
Musk gave this information in a conversation with Cathie Wood of ARK Invest on December 21. nuances Regarding his ambitions for X, he said he is optimistic that the payment mechanism will be fully integrated into the platform by the middle of next year. However, the success of this ambitious scheme is dependent on the approval of multiple applications for money transmitter licenses. Musk admits that the implementation of this process has been delayed due to bureaucratic processes.
While it is well known that Musk has a certain fondness for cryptocurrencies, especially Dogecoin (DOGE) and Bitcoin (BTC), his current emphasis for X’s payment services is less oriented towards the inclusion of cryptocurrencies. Musk’s businesses like Tesla and The Boring Company have shown in the past that they are willing to take on cryptocurrencies. About $148 million worth of Bitcoin is still held by Tesla, and the company also enables consumers to pay for items using Dogecoin. Additionally, in the year 2022, The Boring Company began taking Dogecoin as payment for trips on its public transportation system in Las Vegas.
Still, Musk recently downplayed his interest in digital assets, saying, “I don’t spend a lot of time thinking about cryptocurrencies.” The statement was made in response to a question posed by Grok, Musk’s own artificial intelligence project. Quite a small amount.” Despite the fact that he stressed the need to remain vigilant against currency manipulation, this comment indicates that there may be a move away from the concentration that was previously focused on cryptocurrencies.
As Realizing Musk’s vision for the platform is a huge step forward, and this new success is an important step forward.
In line with Musk’s optimistic outlook, company CEO Linda Yaccarino also sees 2024 as an important year for the development of the platform. On social media, the successful introduction of payment systems has the potential to revolutionize the way users connect with each other by combining the exchange of ideas with the conduct of financial transactions.
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