A license to offer cryptocurrency wallet services in Rhode Island has been awarded to the Elon Musk-owned social media service X, formerly known as Twitter.
What happened: According to a file, X is now legally able to expand its services to the Ocean State to include cryptocurrency payments and trading thanks to the Currency Transmission License.
CryptoCaster Quick Check:
Twitter Payments obtained money transmitter licenses earlier this month in a number of additional US states, including Arizona, Georgia, Maryland, Michigan, New Hampshire, and Missouri.
The company eventually wants to provide transfer services in all 50 states in the United States. There is no set deadline for completion, and they are currently seeking additional permissions.
Why It Matters: X is utilizing its sizable user base to investigate new revenue opportunities. Musk talked on the possibility of merging debit cards, enabling money transfers, and connecting bank accounts to social media identities during a 2022 Twitter Space event.
This concept coincides with the goals of Meta, formerly known as Facebook,’s now-discontinued Diem global payment project.
Users of X will be able to transfer, receive, and securely store a wide variety of cryptocurrencies. This decision has the potential to have a significant impact on the platform’s payment services and is anticipated to be crucial in bringing cryptocurrencies to a larger user base and fostering the growth of the cryptocurrency market to a previously untapped audience.
What’s Next: X’s cryptocurrency wallet plan will probably include Shiba Inu
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