X Obtains Currency Transmitter License in New US State As It Moves Closer to ‘Everything App’ ByEvans KaranjaPRO INVESTOR Updated: 30 August 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Join Our Telegram channel to stay up to date on breaking news coverage Elon Musk’s Social media giant, X (Twitter), was granted a currency transmitter licence in Rhode Island, marking a significant step into financial services and toward the goal of making X an ”everything app” featuring crypto and fiat payments. The currency transmitter license granted by Rhode Island’s regulators empowers Twitter to engage in various financial activities, including facilitating money transfers, enabling digital payments, and even exploring the world of cryptocurrencies. It signals Twitter’s determination to expand beyond its traditional role as a platform for sharing thoughts, news, and updates in 280 characters or less. X in Favourable Position to Venture Into Cryptocurrency Payments The license places X in a favourable position to venture into cryptocurrency payments. The license’s legal framework encompasses traditional fiat currencies and cryptocurrencies, allowing X to conduct diverse financial activities. This includes storing digital currencies, facilitating their transfer, and enabling their exchange on its platform. The regulatory approval in Rhode Island comes after X successfully secured money transmitter licenses in multiple other states, including Michigan, Missouri, and New Hampshire, all of which were granted on July 5. With the Rhode Island license, X now boasts a total of seven approved transmitter licenses in various American states. Over the past few years, X has progressively integrated cryptocurrency functionalities. In 2021, they rolled out a feature allowing users to accept Bitcoin tips. By 2022, they further delved into the digital realm, incorporating non-fungible tokens (NFTs) and providing paid subscribers the ability to verify NFT ownership via unique profile images. Related News Shibarium Wallets Rise to 100k After SHIB Bridge Relaunch Fastest-Growing Crypto Presale – Can It Achieve a Zero to $100 Million Market Cap? New Crypto Mining Platform - Bitcoin Minetrix Rating Audited By Coinsult Decentralized, Secure Cloud Mining Earn Free Bitcoin Daily Native Token On Presale Now - BTCMTX Staking Rewards - Over 100% APY Learn More Join Our Telegram channel to stay up to date on breaking news coverage
