X, formerly known as Twitter, has obtained a license required for crypto payments and trading in the US

8/29/2023

Elon Musk has made the decision to transform X (formerly known as Twitter) into an "everything app" that offers a range of functionalities. This includes integrating a payment hub processor within the microblogging social network, along with other tools from its ecosystem. Musk has also previously emphasized that X is welcoming towards DOGE (Dogecoin).

To become a cryptocurrency-friendly platform in the United States, a significant aspect involves obtaining the necessary licenses to legally operate as such. Musk's company has been progressively pursuing this across various states, primarily focusing on fiat payments via the "Money Transmitter License."

An important development is the approval of a requested license for Twitter Payments LLC, X's payment division, by Rhode Island on August 28, as indicated by NMLS data. This "Currency Transmitter" license encompasses various crypto-related services, including crypto exchanges, wallets, and payment processors.

This license is particularly significant as it will empower X to securely store, transfer, and exchange digital assets on behalf of its users.

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