Last Updated on July 12, 2024 by Sakshi Singh
X (formerly Twitter) has obtained the license necessary to offer crypto trading and payment services in the US. According to information posted on NMLS, X received approval for the Rhode Island Currency Transmitter License on August 28. To offer users services involving digital assets, this license is necessary.
X acquired money transmitter licenses from several other states in recent weeks, but the Rhode Island license appears to be the only one that specifically addresses cryptocurrency payments. With the Rhode Island license, X can legally carry out activities such as “maintaining control of virtual currency or transactions in virtual currency,” both for itself and on behalf of others, an official doX.According to a document from the state’s Department of Business Regulation.
Elon Musk’s goal of making X become an “everything app” that accepts both fiat and cryptocurrency purchases is advanced by this action. It has been alleged that Musk has told X developers to create the platform’s payments system in such a way that crypto functionality can be added in the future, despite reports suggesting that the impending payments feature will initially solely handle fiat currencies.
The acquisition of this license represents a significant advancement in X’s mission to develop into a “cryptocurrency-friendly” platform. X has previously made several attempts to integrate cryptocurrencies, such as by enabling users to post non-fungible tokens (NFTs) as their profile images and including a Bitcoin tipping option, enabling users to transfer, receive, and store cryptocurrency on the platform. The ability to use cryptocurrencies in daily life would be made easier, which might lead to a significant boom in the cryptocurrency market.
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