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Elon Musk's X Secures Essential License for Crypto Payments, Expanding Functionality
X, the Multi-Functional "Everything App"
Elon Musk's venture X, formerly known as Twitter, is undergoing a transformative shift into an "everything app" that encompasses a range of functionalities. Among these is the integration of a payment hub processor, closely intertwined with the microblogging social platform and other components within the X ecosystem. Musk's vision has been clear, emphasizing X as a "DOGE-friendly place."
Legal Compliance: A Crucial Step
A pivotal facet of establishing X as a cryptocurrency-friendly entity within the United States involves securing the necessary licenses to operate such a business within the confines of the law. Elon Musk's company has been methodically pursuing this goal across various states, with a significant focus on obtaining "Money Transmitter License" primarily for fiat payments.
Rhode Island's Approval Marks a Milestone
A significant milestone in this endeavor comes from Rhode Island, where the requested license by Twitter Payments LLC, the payment division of X, was granted on August 28th. The "Currency Transmitter" license extends its purview to include diverse crypto-related service providers, encompassing crypto exchanges, wallets, and payment processors.
Unlocking New Capabilities
The obtained license serves as a key that will enable X to perform vital functions on behalf of its users. This encompasses the secure storage, seamless transfer, and effortless exchange of digital assets, heralding a new era of functionality and accessibility within the X ecosystem.
