X (Twitter) now also has a license for crypto payments
Big news from the crypto world: Social media platform X (Twitter), once known as Twitter, received a payments license from Rhode Island this week. This expands its license portfolio to a total of seven in the USA, as can be seen from posts on the short message service, among other things.
X (Twitter) now also has a license for crypto payments
Notably, these licenses are not unique to the cryptocurrency space, although X founder Elon Musk has consistently emphasized his support for cryptocurrencies on the platform. Musk has ambitious plans for X, which he sees not just as an ordinary social medium, but as an “app for everything”.
This is reflected in the money and wealth transfer licenses X has received since June from the states of Arizona, Maryland, Georgia, Michigan, Missouri and New Hampshire. Musk sees a gap for a new blockchain-based social media company that will enable crypto payments. This vision has accompanied him since he bought Twitter in April 2022.
The most recent license was granted by the Rhode Island Department of Business Regulation (DBR). It affects companies that process money transfers for customers, including traditional transfers (e.g. Western Union) and electronic transfers (e.g. PayPal (PYPL)). Similar to X, giants like Western Union and PayPal share the same state licenses and operate their own services in various states in addition to X.
Appropriate: Twitter (X) is looking for trading partners
What could this mean for the crypto world?
While these licenses undoubtedly pave the way for crypto payments, they are not limited to this one service. In New Hampshire, for example, they also include the sale or issue of payment instruments and the transfer of monetary value.
The latest crypto payments license underscores X’s commitment to the crypto world. Under Musk’s leadership, X has already rolled out a feature that allows users to receive bitcoin tips and the ability to style their profile pictures as NFTs. The fresh license confirms that X will continue to intensify its ties to the crypto community.
These developments are of great importance for the crypto industry. In the near future, millions of X users worldwide could send and receive cryptocurrencies through the platform. This marks a crucial step towards mainstream crypto adoption.
In a week that has been positive for the crypto sector, Elon Musk’s hints about crypto services on the X platform could further energize the market. One particularly eye-catching development was Grayscale’s lawsuit against the SEC , which ruled in the company’s favour. The crypto community remains excited to see how X’s future moves will impact the entire crypto universe.
