Elon Musk’s X Secures License for Crypto Payments

Twitter, now known as X, has been granted the Rhode Island Currency Transmission License. This license is a crucial requirement for facilitating cryptocurrency trading activities within the state.

This development paves the way for X to potentially offer a range of virtual currency-related services on behalf of its users.

These services could encompass vital functions such as securely storing, transferring and exchanging digital assets.

The Rhode Island Department of Business Regulation has outlined that anyone or any entity engaging in the management of virtual currency or transactions involving virtual currency on behalf of others must obtain a currency transfer license.

This rule applies to various entities, including cryptocurrency wallets, exchanges, and payment processors that hold custody of funds within the wallets.

In recent times, Twitter has been actively steering itself towards the realm of payments. The company has also significantly deepened its involvement in the cryptocurrency domain.

A notable move includes the collaboration between Twitter and Strike, a prominent Bitcoin payment application. This partnership has empowered users to seamlessly send and receive Bitcoin tips.

Furthermore, Twitter has taken steps to support the display of Bitcoin and Ethereum addresses within user profiles.

Rumors have been circulating regarding X’s aspirations to transform itself into a contemporary version of PayPal. This aligns with the vision of figures like Elon Musk, who has been associated with the company’s ambitions in the cryptocurrency space.