First Mover Americas: Musk’s X Obtains Payment Licenses in Several U.S. States
X, the Elon Musk-owned social media platform formerly called Twitter, has obtained payments licenses from several U.S. states in recent months, including a currency transmitter license in Rhode Island earlier this week. While Musk has hinted at supporting crypto on the platform – even briefly switching out Twitter’s bird logo to dogecoin’s dog before its rebranding to X last month – the licenses allow for broader payments services to be offered. Musk has said that he plans for X to expand beyond social media posts, to eventually become an ‘everything app.’ The money transmitter licenses obtained since June from Arizona, Maryland, Georgia, Michigan, Missouri and New Hampshire indicate the tech billionaire may have plans to support payment processing nationwide similar to Venmo or PayPal, a company he co-founded. The Rhode Island license, while essential for permitting payments, is also a requirement for offering crypto services.
Bitcoin’s average trade size on most exchanges jumped to its highest point since June following Grayscale’s court victory Tuesday over the U.S. Securities and Exchange Commission (SEC). According to data from Kaiko, the average trade size for bitcoin on crypto exchange Kraken increased to above $2,000 after Tuesday’s ruling from around $850 the day prior. Other exchanges saw similar action. The last time bitcoin’s average trade size was higher was back during June’s bull run, said Kaiko. “This could suggest large traders are more active,” said Kaiko analyst Dessislava Aubert.
