Elon Musk's X Obtains License To Enable U.S. Crypto Payments

X (formerly Twitter) has acquired a license required to provide cryptocurrency payments and trading services in the US. Per data displayed on NMLS, the Rhode Island Currency Transmitter License was approved to X on August 28. This license is required to provide services related to  digital assets on behalf of users.

Source: NMLS

The acquisition of this license is a major step towards X's goal of becoming a "cryptocurrency-friendly" platform. In the past, X has taken several steps to integrate cryptocurrency, such as adding a Bitcoin tipping feature and allowing users to set non-fungible tokens (NFTs) as profile pictures.

With this new license, X is now one step closer to allowing users to send, receive, and store cryptocurrency directly on the platform. This could be a major boom for the crypto industry, as it would make it easier for people to use cryptocurrency in their everyday lives.

It remains to be seen what specific crypto payment features X will offer, but the acquisition of this license is a positive sign for the future of cryptocurrency on the platform.

August 30, 2023