Elon Musk’s X acquires the necessary license for crypto transactions

Elon Musk has transformed X (previously Twitter) into an “everything app” with a wide range of features, such as a payment hub processor linked to the microblogging social network and other building ecosystem applications.

Acquiring the necessary permits to run a cryptocurrency-friendly company is a necessary step toward becoming a payment center in the United States. The corporation led by Elon Musk has been doing this progressively in several jurisdictions, with a primary emphasis on fiat payments under the auspices of the “Money Transmitter License.”

According to NMLS records, on August 28 Rhode Island issued a license to Twitter Payments LLC, X’s payments division. Services like cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency payment processors are all covered under the “Currency Transmitter” license.

This license is important because it will allow X to facilitate the transmission, storage, and exchange of digital assets on its users’ behalf.

However, whether or not Elon Musk would approve X’s offering of cryptocurrency-related services is still up in the air.

The multi-billionaire has previously made it clear that X has no plans to issue its own crypto token, despite the fact that some newly issued tokens have names that sound a lot like the “everything app.”

Tesla Inc. Musk’s biggest firm, allegedly has 10,725 Bitcoin (BTC) in its holdings. Additionally, the owner of X has publicly shown their support for Dogecoin (DOGE), which has the potential to favorably influence the price of DOGE. Like Elon Musk did for Tesla’s products, the Dogecoin community often speculates that the top meme currency would soon be formally recognized on the social network.

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