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Social Media Giant X Dives into Crypto Payments

X now processes crypto payments with the Rhode Island License
By Josefina Dipaolo
September 1, 2023

In a move that's set to reshape the landscape of social media and digital transactions, the renowned platform X, formerly recognized as Twitter, has achieved a significant milestone. The company has successfully secured a regulatory nod, specifically the coveted Rhode Island Currency Transmitter License. This license, obtained on August 28, as documented by the Nationwide Multi-State Licensing System (NMLS), empowers X to delve into cryptocurrency payments within the United States.

With the Rhode Island license firmly in its grasp, X finds itself endowed with the legal authority to conduct a spectrum of activities linked to virtual currency, inclusive of transaction control. Both internally and on behalf of others, X can now confidently engage in endeavors that encompass maintaining and orchestrating transactions involving virtual currency. The official records from the state’s Department of Business Regulation paint a clear picture of the expansive opportunities this regulatory triumph affords X.

Behind this transformative leap is none other than Elon Musk, the trailblazing CEO of Tesla and a dedicated proponent of the cryptocurrency Dogecoin. Under his stewardship, X has been diligently acquiring money transmitter licenses across a slew of states, marking its ascent into the realm of crypto payments. It's worth noting, however, that amidst this flurry of licensure, the Rhode Island sanction stands unique. It stands as the sole license that explicitly embraces the domain of crypto payments, solidifying X's position as a pioneering force.

Venturing into the enigmatic world of cryptocurrency has been a persistent rumor tied to X ever since it came under Musk's tutelage. This recent announcement shatters the speculation, confirming that X is now armed with the requisite licenses to set its crypto plans into motion. While the precise nature of these plans remains tantalizingly uncertain, industry observers anticipate that X will roll out a fiat payment feature in the imminent future, potentially opening the door for the eventual integration of cryptocurrency payments.

Reports from the Financial Times earlier this year unveiled Musk's strategic directives to his X team: construct the payments infrastructure in a manner that paves the way for cryptocurrency integration down the line. This strategic approach underscores Musk's knack for staying ahead of the curve and aligning X with the burgeoning landscape of digital finance.

With a colossal user base of nearly 450 million active individuals, X's potential embrace of crypto payments resonates as a seismic development for the cryptocurrency ecosystem. The ripple effects of this move are poised to reverberate across the industry, bringing cryptocurrencies further into the mainstream fold. Notably, X, in its previous avatar as Twitter, had dabbled in intriguing experiments involving NFT integrations and Bitcoin Lightning Network-based tipping, offering tantalizing glimpses of its appetite for innovation.

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