Elon Musk’s X Acquires Licence For Crypto Payments

30 Aug 2023 by Rory Kejzerko 1 min read

As part of Elon Musk’s grand vision to transform X (formerly Twitter) into the ‘everything app,’ regulators from Rhode Island have approved of the platform’s Currency Transmitter License application.

A Currency Transmitter License is required by those wanting to conduct financial activities on behalf of users who send and receive money. In turn, it essentially offers licensees the ability to custody and control customers’ virtual currencies for them.

The license encompasses both fiat and cryptocurrencies, meaning the Dogecoin king and X now have authority to custody, transfer, and exchange users’ digital currencies.

Whilst rumours have suggested that only fiat currencies will be involved for the time being, other sources are reporting that X developers are building the platform’s payments system in a way that’ll allow crypto functionalities to be augmented in the future.

Per the Nationwide Multi-State Licensing System (NMLS), the Rhode Island Currency Transmitter License was approved on August 28th. The page also shows X’s six other Transmitter-related licenses across other US states.

Source: https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2404946

By virtue of adding crypto capabilities onto the platform, X’s ‘everything app’ vision may in-practice manifest as an ‘everything dApp’.

Intuitively, this mainstream move towards DeFi is nothing but bullish for the crypto space, as with one of the world’s biggest social media platforms at its backing (soon to be the ‘everything’ platform), as well as the world’s most influential entrepreneur, crypto adoption, demand, and therefore prices may see a bump in their long-run equilibriums.

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