X (formerly Twitter) was approved for the Rhode Island Currency Transmitter License on Monday, moving the platform one step closer to allowing crypto payments.
- The integration of cryptocurrencies with X, formerly known as Twitter, is one step closer to becoming a reality as the popular social media platform has received a currency transmitter license in the state of Rhode Island.
Approval for the license means X can now store, transfer, and exchange digital assets for its growing user base, and allows the platform to facilitate cryptocurrency trading activities within the state. X owner Elon Musk has long made it clear that he wants to transform the social media platform into an “everything app” similar to China’s WeChat platform, and securing money transmitter licenses is a vital piece in making that goal a reality.
The platform has reportedly applied for money transmitter licenses in all 50 states and, at this point, received equivalent licenses in Arizona, Georgia, Maryland, Michigan, Missouri, New Hampshire, and now, Rhode Island.
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