On August 28, X (formerly Twitter) received a currency transmitter licence from Rhode Island regulators. This makes Rhode Island the seventh state to approve such a licence for Elon Musk's social network.
What financial licenses does X already have
Musk also already has licences in Arizona, Georgia, Maryland, Michigan, Missouri, and New Hampshire, as seen on the screenshot below.
Elon Musk has repeatedly noted that he wants to turn Twitter into an "everything app", offering users many different opportunities, including financial ones.
In order to carry out financial transactions, the company first needs to obtain licences.
The recent Rhode Island licence allows X to work with both fiat and digital assets, such as cryptocurrencies, providing custody, transfer, and exchange.
Will X launch its crypto
The licence does not mean that X is about to introduce support for cryptocurrencies. Moreover, Elon Musk confirmed that the team is now focused "on making real money work on the app", and X will not have its own token, although it was already known earlier in August.
The crypto community is waiting for full cryptocurrency integration from Elon Musk, who is well-known for his positive attitude towards cryptocurrencies and investments in Bitcoin, Ethereum and Dogecoin.
While Twitter has long added the ability to tip authors in Bitcoin, it does not work natively and relies only on third-party services. Additionally, on the social network, you can set NFTs as your profile avatar.
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