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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.
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