Elon Musk’s X Gains Closer Access to Crypto Payments with State License

X Receives Currency Transmitter License in Rhode Island

X (Twitter) has been granted a currency transmitter license by Rhode Island’s regulators, a step forward in the company’s venture into the financial services sector.

The license is legally required for companies that facilitate money transfers, including both fiat and crypto assets. With the approval, X can now custody, transfer and exchange digital currencies.

According to the Nationwide Multi-State Licensing System (NMLS), the Rhode Island Currency Transmitter License was approved on Aug. 28.

The move is an important step in Elon Musk’s mission to make X an “everything app” with the capability of making both crypto and fiat payments.

Integrating Crypto into X’s Payments Feature

Recent reports suggest that X’s upcoming payments feature will only be able to process fiat currencies. However, Elon Musk has reportedly instructed developers at X to create the platform in such a way that it can support crypto functionality in the future.

X has now secured money transmitter licenses in seven American states, the last of which was approved on July 5. It is still unknown what financial services X will offer when it launches its payments feature.

Sources familiar with X’s plans have indicated that it will initially provide fiat currency services similar to PayPal, with the potential to integrate crypto in the future.

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