Formerly known as Twitter, X has moved closer to its goal of integrating cryptocurrencies into its services by acquiring a license for currency transmitters in Rhode Island.
This development represents a crucial step towards X’s intended transformation into an all-encompassing ‘everything app’, similar to China’s WeChat. Under the leadership of owner Elon Musk, the platform has made significant progress in securing the necessary permits to transfer funds in multiple states.
Collect licenses
The Rhode Island Department of Business Regulation requires any person or entity involved in managing digital currency or transacting on behalf of users, including cryptocurrency wallets, exchanges, and payment processors, to obtain a currency transfer license.
In addition to these state-level licenses, X also registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) last November, paving the way for its platform to process payments.
While no official statements have been made by X about which cryptocurrencies will be integrated first, Musk’s frequent tweets about Dogecoin (DOGE) have fueled speculation about the meme coin’s possible early addition to the platform. X’s ongoing efforts reflect a broader trend within the social media industry to integrate digital payments.
If CryptoStores Previously reported, X has been gradually working on its payment infrastructure for months. It applied for money service business (MSB) licenses from FinCEN in November 2022, announcing its goal to operate in all US states and territories. While X has not officially launched a payment service, this latest acquisition of the Rhode Island Currency Transmitter License marks a major milestone in its ambitious journey to create an all-encompassing digital platform.
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