The social
media platform X (formerly Twitter), owned by Elon Musk, has taken another step
towards offering its users financial services, including cryptocurrency
payments. The platform has just obtained a local license in the United States,
issued by a regulator in Rhode Island.
According
to Nationwide Multi-State Licensing System (NMLS) data, the license was granted
this week, on 28 August 2023. Rhode Island, a state in the northeastern part of
the US, issues an authorization called the Currency Transmitter License, which
concerns the transfer and receipt of financial funds. This applies to fiat
currencies (dollars, euros, etc.) and to cryptocurrencies (Bitcoin, Ethereum,
etc.).
With this
latest approval, the former Twitter can now provide transfer, custody, and
exchange services for digital assets through its platform. This brings Elon
Musk’s plan to make X an ‘everything app’ closer to realization and the general
trend among social media giants increasingly interested in the world of
payments.
This is not
the first license of this type for X in the United States. In July, the states
of Michigan, Missouri, and New Hampshire approved separate authorizations, and
the platform can now offer payment services in seven administrative regions…
