<\/p>\n
Elon Musk has quashed any possibility that his social media platform X, formerly Twitter, would not launch any cryptocurrency token in an Aug. 31 post<\/a> on the site.<\/span><\/p>\n Musk shared this insight in response to a developer\u2019s post on the social media platform. The developer emphasized<\/a> the platform\u2019s primary goal of integrating real-world financial functionality rather than having a cryptocurrency substitute.<\/p>\n Musk <\/span>posted<\/span><\/a> \u201cCorrect\u201d in response, showing he agreed with the statement.<\/span><\/p>\n Meanwhile, this marks the second instance this month where Musk has dampened hopes about the platform\u2019s launching a digital asset. On Aug. 5, Musk made it clear<\/a> that X has no plans to launch a cryptocurrency despite the rising popularity of various X tokens<\/a> online. According to the Tesla CEO, X will \u201cnever\u201d develop a token.<\/p>\n The speculation surrounding a potential X Coin stemmed from Musk\u2019s involvement<\/a> in the crypto sphere and the actions<\/a> of some of his companies, like Tesla. Before he acquired Twitter, Musk frequently discussed meme coins, with several of his posts influencing the prices<\/a> of Dogecoin, Floki Inu, and others.<\/p>\n However, his priorities appear to have shifted since taking control of the platform, with his primary focus now being on profitability and transforming the social media platform into a super app.<\/p>\n Meanwhile, X has taken significant steps towards incorporating cryptocurrencies into its operations. Notably, the company has secured<\/a> a currency transmitter license in Rhode Island, permitting it to manage and facilitate digital currency transactions.<\/p>\n In addition to this, X has proactively registered<\/a> with the Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN) to obtain Money Service Business licenses. This strategic move has expanded X\u2019s portfolio to include money transmitter licenses in three states: Michigan, New Hampshire, and Missouri.<\/p>\n Despite these licenses, X has yet to launch any payment service. However, these actions underscore its commitment to embracing financial services offerings for its users.<\/p>\n The post Elon Musk squashes speculation of an X crypto token<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Elon Musk has quashed any possibility that his social media platform X, formerly Twitter, would not launch any cryptocurrency token in an Aug. 31 post on the site. Musk shared this insight in response to a developer\u2019s post on the social media platform. The developer emphasized the platform\u2019s primary goal of integrating real-world financial functionality […]<\/p>\n","protected":false},"author":2,"featured_media":145180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-145179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/145179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=145179"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/145179\/revisions"}],"predecessor-version":[{"id":145748,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/145179\/revisions\/145748"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/145180"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=145179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=145179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=145179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}X is getting financial licensing<\/h2>\n