Elon Musk’s X moves closer to crypto payments with new state license

Rhode Island’s regulators person granted X (Twitter) a currency transmitter licence marking a measurement guardant for the company’s foray into the fiscal services sector. 

The licence is legally required for companies conducting fiscal activities connected behalf of users related to sending and receiving wealth — a explanation that includes some fiat and crypto assets. The support volition let for X to custody, transportation and speech integer currencies.  

X’s Rhode Island Currency Transmitter License was approved connected Aug. 28 according to the Nationwide Multi-State Licensing System (NMLS).

X has a full of 7 wealth and currency transmitter licenses. Source: NMLS

The determination marks an important measurement guardant successful Elon Musk’s propulsion for X to go an “everything app” — which would see crypto and fiat payments.

While sources person suggested that X's upcoming payments diagnostic volition initially lone connection enactment for fiat currencies, Musk has reportedly instructed developers astatine X to physique the platform’s payments strategy successful specified a mode that crypto functionality tin beryllium added successful the future. 

The support comes nearly 2 months aft X secured wealth transmitter licenses successful Michigan, Missouri and New Hampshire which were each approved connected July 5. X’s latest licence marks a full of 7 American states it’s secured transmitter licenses in.

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It remains unclear precisely what fiscal offerings volition beryllium made disposable if and erstwhile X rolls retired outgo features.

People acquainted with the company’s plans person indicated X volition initially connection fiat currency transaction services akin to PayPal — which Musk co-founded — with country for aboriginal crypto integration.

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