X (Twitter) has formally received a currency transmitter license from Rhode Island regulators. The disclosure was made through the Nationwide Multistate Licensing System (NMLS) website on August 28.
This development affirms a huge success for X’s agenda in the financial services sector.
A description of the currency transmitter license shows that it is a legal prerequisite for companies aiming to engage in activities related to cryptocurrencies on behalf of their users.
Having this empowers X to facilitate the storage, transfer, and exchange of digital currencies.
Furthermore, it permits the company to offer an extensive array of services associated with crypto assets, as stated in the approval.
The takeover of Twitter by Elon Musk
Elon, who has a strong affinity for crypto and has been linked with the Dogecoin project, wants to make X an everything app, making it a social media platform to beat.
As time has passed, it is becoming clearer that the Tech billionaire wants users to socialize, create content, monetize it, and get paid easily on X.
He has also paid attention to ensuring that freedom of speech is enhanced on the platform by working more on the Community Notes infrastructure.
In December 2022, X (Twitter) introduced a live chat feature for Bitcoin and Ethereum.
This addition allowed users to stay updated on the real-time price movements of these prominent cryptocurrencies directly within the Twitter interface.
Reiterating its support for crypto, it expanded its financial offerings by partnering with eToro, a renowned trading platform.
This collaboration enabled users to seamlessly engage in both stock and cryptocurrency trading through the eToro integration on Twitter.
Moreover, this period also marked the unveiling of content monetization options, providing creators with new avenues to generate revenue from their content.
In pursuance of its payment vision, Twitter achieved a significant milestone by obtaining payment approval from three distinct states within the United States in July 2023. This revealed its commitment to expanding its financial services.