Elon Musk is once again denying rumors that his social media platform X, formerly Twitter, will launch a crypto. The CEO of Tesla specifies that X rather wants to integrate real financial functionalities instead of launching a cryptocurrency.
In short
- Elon Musk reaffirms that his X platform, formerly Twitter, will not launch a crypto token.
- This is the second time this month that Musk has dampened hopes regarding the launch of a digital asset by the platform.
- Speculation around a potential X Coin stems from the latter’s involvement in the crypto sphere.
Elon Musk remains firm on his position
In a publication on X, the boss of Space X responded favorably to a developer on August 31. In the latter, the new CEO of Twitter approved a publication which underlined the main objective of the platform. The publication argued that X was not concerned about launching a cryptocurrency. In response, the contractor made a tweet with a single word: correct, showing that he agreed with the statement.
This is the second time this month that Elon Musk has dampened hopes for the platform’s crypto launch. On August 5, Musk indicated clearly that X (formerly Twitter), had no intention of launching a native crypto. According to the CEO of Tesla, X will “never” develop a token.
Indeed, speculation around a potential X Coin stems from Elon Musk’s involvement in the crypto sphere. Prior to acquiring Twitter, Musk frequently discussed memecoins. Moreover, several of his publications influence the price of Dogecoin (DOGE), Floki Inu and many others.
However, his priorities seem to have changed since he took over the platform. Now, the undisputed Fintech leader is focusing on the profitability of X. He also wants to transform the social media platform into a super application.
X is focused on financial services, not crypto
For some time, X (Twitter) has been taking significant steps to integrate digital assets in its operations. Recently, the company obtained a currency issuer license in Rhode Island. This will allow it to manage and facilitate transactions in digital currency.
In addition to this, Elon Musk’s social network has monetary licenses from the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department. This strategic move expands the platform’s portfolio to include money transfer licenses in three states. These include Michigan, New Hampshire and Missouri.
Despite these licenses, X (Twitter) has not yet launched any payment service. However, these actions underline Elon Musk’s commitment to providing financial services offerings to its users. With Crypto X not seeing the light of day, users are eagerly awaiting the sequel.
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