In an important step, Elon Musk's social media platform X, formerly Twitter, has received a money transmitter license from Utah, becoming the 15th state in the United States to approve it. This development opens up new avenues for X, as the company looks to integrate payment features into its platform.

Utah's approval, granted Friday as reported by the Nationwide Multistate Licensing System and Registry, gives X capabilities similar to popular services like PayPal's Venmo. The license allows X to facilitate money transfers, a way for users to seamlessly send money to each other within the platform.

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This strategic move in payments marks an important step for X to diversify its business beyond digital advertising, an area that has faced challenges since Elon Musk took over. The platform faced setbacks when major advertisers suspended spending or withdrew from X with Musk's controversial endorsement of an anti-Semitic conspiracy theory that was promulgated by a user. Musk's subsequent cheeky comments about the brand at a New York Times dealbook event further escalated the situation.

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Since acquiring Twitter in October 2022, Musk has described his vision of turning the platform into an "everything app," similar to the popular Chinese app WeChat. WeChat goes beyond messaging, allowing users to perform various tasks such as hailing a taxi and making payments to merchants.

Utah's approval adds X to the list of state money transmitter licenses, with previous approvals from New Hampshire, Pennsylvania, Arizona, Georgia, Maryland and Michigan. As X moves further into the payments realm, the platform positions itself for a dynamic and multifaceted future, aligning with Musk's ambitious vision.