To keep making X (which used to be Twitter) a community app with many features, X has gotten the permission it needs to work as a payment hub in another US state.
According to information on the website of the Nationwide Mortgage Licencing System (NMLS), Twitter Payments LLC in Rhode Island, United States, was given a license.
The “Currency Transmitter” license X (Twitter) covers crypto exchanges, wallets, and payment processors, among other cryptocurrency-related services. In particular, this license will let X keep, transfer, and trade digital currencies on behalf of its millions of users.
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As it stands, Elon Musk’s X can now do crypto deals and process them in seven US states: Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire, and now Rhode Island.
Remember that Elon Musk has chosen to turn X into a social media platform that can do everything. The features include a payment hub provider built into the microblogging social network and other tools.
In the United States, one of the steps to becoming a payment hub or a crypto payment service provider is to get the licenses you need to run your business correctly. X has been doing this slowly in different states but has mainly focused on cash payments under the “Money Transmitter License.”
But now, with this “Currency Transmitter” license, X can offer services like crypto exchanges, wallets, and payment companies that deal with crypto.
Should X (Twitter) offer crypto services?
This suggests Elon Musk’s X will offer crypto-related services, although unclear. The South African entrepreneur said earlier this month that Facebook will never develop a native crypto token.
Tesla, Musk’s largest firm, reportedly owns 10,725 Bitcoin. X’s owner has also publicly supported Dogecoin, which can boost its price.
With that support, Dogecoin aficionados (DOGE army) expect Musk to integrate crypto payments on the X app soon.
Meme coin fans were hoping that Twitter Payments LLC would get these licenses. The news has had a negligible effect on the Shiba-Inu meme coin, which has gone up in value by more than 5% in the last 24 hours, according to figures from Coinmarketcap.
In late 2021, Elon Musk’s Tesla accepted Dogecoin for item purchases in its online store, followed by SpaceX in 2022. So it wouldn’t be a surprise if X (Twitter) became a service provider for cryptocurrencies now or soon.