Elon Musk’s social media company, X (formerly Twitter), is one step closer to enabling crypto payments after receiving a license from the state of Rhode Island. The license allows X to operate as a money transmitter in the state, which means it can facilitate the transfer of funds between two parties.
According to the Nationwide Multi-State Licensing System (NMLS), the Rhode Island Currency Transmitter License was approved on Aug. 28, bringing X’s total currency transmitter licenses to seven. The social media giant has transmitter licenses in Michigan, Missouri, and New Hampshire.
X has not yet announced any plans to enable crypto payments, but the license gives it the green light to do so if it chooses. The company has been exploring the possibility of adding crypto payments for some time, and this license could be a sign that it is getting closer to making a move.
The move by X is significant because it could help to legitimize crypto payments in the eyes of consumers and businesses. If a major company like X starts accepting crypto payments, it could encourage other businesses to do the same. This could lead to a more widespread adoption of crypto payments, which could have a positive impact on the crypto market.
It remains to be seen whether X will actually start accepting crypto payments, but the license is a positive development for the crypto community. It shows that regulators are starting to take a more favorable view of crypto payments, and it could pave the way for more companies to start accepting them.
In addition to the license from Rhode Island, X has also applied for licenses in other states. The company is also reportedly working on developing its own crypto wallet, which could make it easier for users to make crypto payments.