Social media platform X (formerly known as Twitter) has secured the Rhode Island Currency Transmitter License, required to offer cryptocurrency payments and trading services in the United States. The move may be considered a major step towards the platform’s goal of becoming a “cryptocurrency-friendly” app.
The license was approved for X on August 28, according to data from the Nationwide Multistate Licensing System (NMLS). Notably, the Rhode Island license holder covers different crypto-related service providers, such as crypto exchanges, wallets, and payment processors. It grants access to maintain control of virtual currency and its transactions on behalf of others.
Elon Musk, the owner of X, completed the $44 billion acquisition of the platform in October 2022 and assumed an administrative position in the company. His association with cryptocurrencies, however, goes way back to 2021, when he first endorsed Bitcoin and Dogecoin.
Since his acquisition of the social media platform, he has worked towards his goal of turning it “into an everything app.” One such move is the integration of NFTs, which allows users to showcase non-fungible tokens (NFTs) as their profile picture through a Twitter Blue subscription. The company has also added a Bitcoin tipping feature and entered a partnership with eToro to allow in-app crypto trading.
However, the recent acquisition of this new license may pave the way for the platform’s more than 400 million users to engage with cryptocurrencies. While it is unknown what specific crypto payment features the app will offer, it might make it easier for people to use cryptocurrency in their everyday lives. This regulatory clearance could also establish X in the crypto space and propel crypto adoption significantly, especially since governments across the globe are becoming more receptive to the new form of currency.
X Struggles With Crypto Phishing Scams
Although the social media company has been making significant advancements in integrating cryptocurrencies into its app, it is important to note that its mission of getting rid of malicious crypto-based projects has not been going well. While there have been measures taken by the company to reduce fake accounts on the application, it has been reported that some fraudsters disguise as verified accounts to scam unsuspecting investors of their assets.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!
