Elon Musk’s “X” Acquires ‘Currency Transmitter’ License, Enabling Potential Crypto Operations

The platform formerly known as Twitter is continuing its quest to become the ‘everything app’. On 28^th August, X has obtained a license to engage in currency transmission activities in the state of Rhode Island. According to information from the Nationwide Multistate Licensing System (NMLS), Twitter Payments LLC has now obtained similar licenses in seven states of the US.

The obtained license provides “X” the potential to store, transfer, and trade virtual currency, including Bitcoin and other cryptocurrencies. This licensing encompasses various service providers within the cryptocurrency sector, spanning crypto exchanges, digital wallets, and payment processors.

However, it’s essential to understand that acquiring the license doesn’t equate to immediate involvement in these activities. The application does not explicitly mention specific cryptocurrencies like Bitcoin.

Initial reports on the platform sparked enthusiasm with users assuming that this could lead to Bitcoin and other cryptocurrencies being tradeable or usable on “X.” Nevertheless, there’s currently no sign that this will occur in the near future. It’s worth noting that Elon Musk has shown interest in DogeCoin and has previously hinted that “X” may integrate crypto payments but denied that the platform will ever have its own token.

Musk has stated that he intends to shape X into an everything app including a payments platform similar to Tencent’s WeChat. The widely used Chinese app integrates texting, payments, and bookings into everyday activities.

While Musk hasn’t given much detail about his plans for the platform, shortly before his purchase of what was then Twitter for $68 billion (US$44 billion), he tweeted: “Buying Twitter is an accelerant to creating X, the everything app.”