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Elon Musk’s social media giant, X (Twitter)Money Transmitter License Granted in Rhode Island, a significant step in financial services and a step towards X’s goal of becoming the “Everything App” that facilitates crypto and fiat payments.
The money transmitter license granted by Rhode Island regulators gives Twitter the right to engage in a variety of 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 ideas, news and updates in 280 characters or less.
X is favorably positioned to venture into cryptocurrency payments
The license puts X in a favorable position to venture into cryptocurrency payments. The legal framework of the license includes traditional fiat currencies and cryptocurrencies, allowing X to conduct a wide variety of 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 several other states, including Michigan, Missouri and New Hampshire, all of which were granted on July 5.
With the addition of the Rhode Island license, X now has a total of seven approved transmitter licenses in various US states.
Over the years, X has progressively integrated cryptocurrency functionalities. In 2021, they introduced a feature allowing users to accept bitcoin tips. By 2022, they have moved further into the digital realm, incorporating non-fungible tokens (NFTs) and offering paid customers the ability to verify NFT ownership through unique profile images.
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Source
Source: cryptosaurus.tech
