Rhode Island regulators granted a license as a currency transmitter to X (formerly Twitter) on August 28 according to the Nationwide Multi-State Licensing System (NMLS). This brings X one step closer to becoming a financial sector service.
This license is required by X to provide financial activities for users in relation to sending and receiving money – both fiat and crypto assets. This makes X custody, transfer service, as well as a digital currency exchange.
This move makes Elon Musk’s plan to push X to become an “everything app” – including providing fiat and crypto payments more real.
Some sources say that X’s payment features will initially only support fiat currencies, but Elon Musk is reportedly instructing developers at X to build a crypto-enabled payment system in the future.
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