X Obtains Crypto Wallet License In US State Rhode Islands

Elon Musk owned social media platform X, formerly called Twitter, has obtained the license to operate cryptocurrency wallet services in a US state. The company had reportedly obtained the Currency Transmission License in Rhode Island, according to a recent filing.

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X Crypto License: What Next

With the license approval in Rhode Island, the platform will be able to legally offer cryptocurrency wallet services. X users will now be able to store, send, and receive various cryptocurrencies, which could turn out to be a game changing move in the platform’s payments space. This move would also help introduce cryptocurrencies to a broader audience, and effectively expand the crypto market to new users.

Interestingly, it remains to be seen how Dogecoin (DOGE) would fit in in the Twitter crypto wallet plans considering that the memecoin has a history of Tweet mentions from Elon Musk. Many a time in the past, the DOGE price would grew sharply when Musk mentioned something about the crypto token.

Elon Musk & The Everything App

The crypto wallet launch plans could also help Musk expand the platform into other financial services that involve cryptocurrencies. This is apart from the stock market ecosystem that the billionaire envisions to build within the platform. He had earlier in 2023 revealed plans to bring in the financial markets ecosystem, during the X rebranding announcement from Twitter.

Earlier, CoinGape reported that payments company PayPal launched its own stablecoin PYUSD. At the time, it was speculated that the U.S. dollar-pegged stablecoin would have integration with X payments.

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at [email protected] or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.