- X, previously known as Twitter, has successfully obtained a cryptocurrency payment and trading license dated August 28.
- The newly acquired license allows X to execute various operations, including the storage, transfer, and exchange of digital assets.
X Acquires Crypto License From US State
The social media platform X (formerly Twitter) has obtained the license to facilitate cryptocurrency payments and trading services in the US.
According to the data displayed on the Nationwide Multistate Licensing System (NLMS), X’s application for the Rhode Island Currency Transmitter license was approved on 28 August.
This move signifies a major leap in the platform’s growth into the financial services sector, particularly in digital assets.
New Opportunities for Crypto Activities
The acquisition of this currency transmitter license is a legal requirement for businesses that want to control virtual currency on behalf of their users within the US state.
With the new Rhode Island regulatory approval, X is gearing up to provide a wide range of services related to crypto assets.
The license allows X to store, transfer, and exchange Bitcoin and other digital currencies.
X is now joining the ranks of legally recognized entities such as crypto exchanges, digital wallets, and payment processors. These entities are all authorized to manage virtual currency transactions for others.
Notably, this license is specifically issued in Rhode Island, formally known as the State of Rhode Island and Providence Plantations, one of the tiniest 50 US states.
The Vision of X Towards Cryptocurrency
In the past, X has made numerous efforts toward integrating payments into its platform. The company has also significantly amplified its engagement in the cryptocurrency domain.
A notable move includes integrating cryptocurrency features, such as Bitcoin tipping through its partnership with Strike, a renowned Bitcoin payment app.
The company has also reportedly allowed its users to use non-fungible tokens (NFTs) as profile pictures.
This regulatory approval comes years after Elon Musk publicly expressed his interest in turning X into the “everything app.”
And a few months later, after acquiring X, he changed its iconic bird logo to the doge meme.
This move also positions Musk and his vision of turning X into an “everything app” on the right track.
Elon’s dream is to make Twitter, aka X, into this super global DApp that can be used for everything … including having a crypto wallet and being able to conduct crypto payments. And it seems like his wish just became true.George Tung – Founder and Analyst of CryptosRUs
X’s Crypto License Influence
Given that Elon Musk has consistently expressed support for Dogecoin, the acquisition of the license by X has had a minor impact on Dogecoin.
As expected, Dogecoin’s price rose by 5% roughly around the time the news broke. However, it dropped by over 1% the following day, closing at $0.065.
Although Dogecoin has seen a 70% decrease this year, It may rise if Musk promotes it as a payment option for X.
Securing this crypto license aligns with Elon Musk and X’s strategic ambition to create a “crypto-friendly” platform.
Regardless, the specific cryptocurrency payment features that X will implement are yet to be disclosed.