Crypto payment support will soon be available on social networking platform X, company gets currency transmitter license
Twitter This license gives a company the right to facilitate the custody transfer and exchange of digital currencies. According to a new report, X has acquired a money transmitter license in Rhode Island.
Elon Musk's ex has acquired a money transmitter license for the microblogging platform in the US state. Social networking platform X, formerly known as Twitter, may soon support crypto as well as fiat currency payments.
This license gives a company the right to facilitate the custody, transfer, and exchange of digital currencies. Musk, who acquired X last year, has said he wants to turn it into an "everything app".
According to a new report, X has secured a money transmitter license in Rhode Island. According to the report, a money transmitter license is a legal requirement for money transfer companies in the US. That being said, the payments feature on X may initially only allow payments in fiat currencies. However, in the later stages of its upgrade, this feature may also allow the transfer and exchange of cryptocurrencies.
Musk's favorite altcoin - Dogecoin - is also trading more than three percent higher at $0.066 (about Rs 5.42) in the backdrop of this news. Strangely, Musk himself has not posted anything about the company that acquired the license.
Rhode Island is not the only US state that has granted X this money transmitter license. Earlier this year, other US states including Michigan, Missouri, and New Hampshire also approved licenses for X, making Rhode Island the seventh state. The approval comes nearly two months after X secured money transmitter licenses in Michigan, Missouri, and New Hampshire, which were approved on July 5.
