Elon Musk refutes speculation about crypto token X
Date: 2023-08-31 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
In a post on the site on August 31, Elon Musk completely ruled out the possibility that social media platform X (formerly Twitter) would not launch any cryptocurrency token.
On a developer post on the social network, Musk expressed this understanding. The main goal of the platform is to integrate real financial functions, not to replace the cryptocurrency. This was stated by the developer.
Musk in the response message made “Correct”, thereby agreeing with the application.
However, this is the second time this month that Musk has eased his hopes of launching a digital asset platform. On August 5, Musk stated that X was not going to launch a cryptocurrency, despite the growing number of Y tokens on the Internet. As the Tesla CEO stated, X will “never produce a token.”
Initially, speculation around X Coin was associated with Musk's involvement in the cryptosphere and the work of some of his companies such as Tesla. Before he acquired Twitter, Musk often discussed meme coins and some of his posts were related to the prices of Dogecoin, Floki Inu.
Regardless, his priorities have changed since he took control of the platform. For now, the focus is on profitability and turning the social media platform into a super-app.
Company X obtains a financial license
However, X has taken a number of major steps to bring cryptocurrencies into its operations. It is worth noting that the company has a license to transfer currency in Rhode Island. This allows you to manage and facilitate digital money transactions.
X became even more active in registering with the Treasury Department's Financial Crime Enforcement Network (FinCEN) in order to obtain licenses to service money. This strategic move expanded X's portfolio to include money transfer licenses for 3 states: Michigan; New Hampshire and Missouri.
Despite the presence of these licenses, X has not yet developed a single payment service. However, it does indicate its ambition to implement financial service offerings for its users.
