Microblogging platform, X (formerly Twitter), has successfully secured a license to facilitate cryptocurrency payments and trading in the U.S.
According to data from the Nationwide Mortgage Licensing System (NMLS) website, X’s application was approved for the Rhode Island Currency Transmitter license.
The Rhode Island currency transmitter license enables businesses to maintain control of virtual currency on behalf of others, indicating that X could be working to offer several crypto services for users, including payments, trading wallets, and more.
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X latest regulatory approval comes years after the company’s CEO Elon Musk publicly expressed his interest and support for cryptocurrencies. Since he acquired the company, he has added crypto-focused features with his open support for Dogecoin.
Speaking on Musk’s recent crypto license for X, CEO of CryptosRUs, a leading news and education company focused on Bitcoin, Cryptocurrency, and Blockchain development, George Tung said such development would significantly impact the crypto market.
In his words,
“Elon’s dream is to make Twitter, aka X, into this super global App 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. He’s been talking about doge for so long. You know he wants to integrate doge in some way. This is exactly what we need, We need a jolt.
“If he comes out and says, Hey, our wallet is coming, we’re going to allow people to send payments to each other, accept payments. Any kind of announcement of that magnitude will definitely be very good for the entire market. Recently, we know that PayPal got into the stablecoin game. We know that PayPal already allows crypto payments and allows cryptocurrency trading. Elon is going after PayPal, his old company”.
Tung suggests that Musk obtaining a crypto payment license for X, is indeed a milestone that will see the broad range of crypto prices rise.
With plans to expand into digital payments and other financial services, X can now legally conduct crypto transactions and process them in seven states in the U.S. which includes, Georgia, Arizona, Missouri, Rhode Island, New Hampshire, Michigan, and Maryland.
X, boasting nearly 450 million active users, is well-placed to incorporate cryptocurrency payments. This could transform how people use digital currencies for everyday financial interactions.
As Musks makes advancements towards making X an everything app, analysts say that the future of X is largely based on China’s popular WeChat app, which billions of users in China use to complete essential tasks, like paying their bills, grocery shopping, texting, broadcast messaging and many more.