Elon Musk squashes speculation of an X crypto token

Elon Musk has quashed immoderate anticipation that his societal media level X, formerly Twitter, would not motorboat immoderate cryptocurrency token successful an Aug. 31 post connected the site.

Musk shared this penetration successful effect to a developer’s station connected the societal media platform. The developer emphasized the platform’s superior extremity of integrating real-world fiscal functionality alternatively than having a cryptocurrency substitute.

Musk posted “Correct” successful response, showing helium agreed with the statement.

Meanwhile, this marks the 2nd lawsuit this period wherever Musk has dampened hopes astir the platform’s launching a integer asset. On Aug. 5, Musk made it clear that X has nary plans to motorboat a cryptocurrency contempt the rising popularity of assorted X tokens online. According to the Tesla CEO, X volition “never” make a token.

The speculation surrounding a imaginable X Coin stemmed from Musk’s involvement successful the crypto sphere and the actions of immoderate of his companies, similar Tesla. Before helium acquired Twitter, Musk often discussed meme coins, with respective of his posts influencing the prices of Dogecoin, Floki Inu, and others.

However, his priorities look to person shifted since taking power of the platform, with his superior absorption present being connected profitability and transforming the societal media level into a ace app.

X is getting fiscal licensing

Meanwhile, X has taken important steps towards incorporating cryptocurrencies into its operations. Notably, the institution has secured a currency transmitter licence successful Rhode Island, permitting it to negociate and facilitate integer currency transactions.

In summation to this, X has proactively registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to get Money Service Business licenses. This strategical determination has expanded X’s portfolio to see wealth transmitter licenses successful 3 states: Michigan, New Hampshire, and Missouri.

Despite these licenses, X has yet to motorboat immoderate outgo service. However, these actions underscore its committedness to embracing fiscal services offerings for its users.

The station Elon Musk squashes speculation of an X crypto token appeared archetypal connected CryptoSlate.