Elon Musk’s X, obtains a license for cryptocurrency payments

Elon Musk’s company X has successfully obtained a currency transmitter license in a US state, indicating that the microblogging platform, previously known as Twitter, might soon enable the processing of payments in both cryptocurrencies and traditional fiat currencies. This license grants the company the authority to facilitate custody, transfer, and exchange of digital currencies. Musk, who acquired X in the previous year, envisions transforming it into a comprehensive “everything app,” allowing users to communicate, share content, and potentially conduct financial transactions using cryptocurrencies.

Reported by CoinTelegraph, X has secured a currency transmitter license in Rhode Island. This license is mandatory for money transfer entities within the US, as per the report’s information.

While the initial phase of X’s payments feature might exclusively support fiat currency transactions, subsequent upgrades could potentially accommodate the transfer and exchange of cryptocurrencies.

The crypto market experienced a positive response following this news. The cryptocurrency sector’s valuation surged overnight by four percent, reaching a total value of $1.09 trillion (approximately Rs 90,07,269 crore) according to CoinMarketCap.

Interestingly, Musk’s favored cryptocurrency, Dogecoin, also witnessed a more than three percent increase in value to reach $0.066 (around Rs. 5.42). Surprisingly, Musk himself hasn’t made any public statements regarding X acquiring the license.

It’s worth noting that Rhode Island isn’t the sole US state to grant a money transmitter license to X. Earlier this year, other states like Michigan, Missouri, and New Hampshire also sanctioned the license for X, making Rhode Island the seventh state to do so, as reported by CoinTelegraph.

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