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X Acquires Money Transmitter Licenses in 25 US States, Competes With Venmo

Apr 22, 2024, 04:40 PM

X has successfully acquired money transmitter licenses in 25 out of 50 US states, marking a significant milestone in its expansion into financial services. This development allows X to operate payment services similar to Venmo, where users can store money in their X Wallet, send funds to other users, and potentially earn interest. The licenses cover states including Iowa, Ohio, Utah, and Florida among others. This move is seen as a transformative step for X, positioning it as a major player in the financial sector and directly competing with established services like Venmo and PayPal.