X- Twitter receives Rhode Island Currency Transmitter license to facilitate cryptocurrency payments and trading in the U.S.
The Rhode Island Currency Transmission License will enable X to store, transfer, and exchange digital assets on behalf of its users.
Social media platform X, formerly known as Twitter, has acquired the necessary licensure to facilitate cryptocurrency payments and trading in the United States.
According to the Nationwide Multistate Licensing System, the company’s application for the Rhode Island Currency Transmitter license was approved yesterday. This license will allow X to store, transfer, and exchange digital assets on behalf of its users. This indicates that X could be working on offering a range of crypto services for its users, including payments, trading, wallets and more. The currency transmitter license is required for companies who want to perform these activities related to Bitcoin and crypto on behalf of their users. This license also includes related service providers such as wallets, payment processors, and exchanges.
Elon Musk has previously stated that he wants to turn X into the “everything app,” with the ability to conduct comprehensive communications and manage all financial transactions. However, it is still uncertain if Elon Musk will allow X to provide cryptocurrency-related services. The multi-billionaire has already stated that X will never launch its own crypto token due to misleading promotions of recently created tokens with similar names to the “everything app.”
X’s entry into the cryptocurrency market comes at a time when the industry is experiencing exponential growth despite regulatory uncertainties. The license allows the platform to diversify its offerings and potentially attract a new user base interested in digital assets. As X continues to evolve under Musk’s vision, the integration of cryptocurrency services could become a cornerstone in transforming the platform into a multifaceted application, setting a new standard for social media platforms in the digital age.