Another clearance for cryptocurrency payments has been granted to Elon Musk’s X (Twitter)

August 30, 2023 Samson Ayodeji

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X has obtained the necessary authorization to act as a payment hub in another US state as part of his effort to keep X (previously Twitter) a community app with a variety of features.

Twitter Payments LLC received approval for a license in Rhode Island, United States, on Monday, according to information from the Nationwide Mortgage Licencing System (NMLS) website.

Different cryptocurrency-related service providers, including cryptocurrency exchanges, wallets, and payment processors, are covered by the “Currency Transmitter” license that X (Twitter) got. On behalf of its millions of users, this license will specifically allow X to store, transmit, and exchange digital currencies.

Currently, Elon Musk’s X can process crypto transactions in seven US states: Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire, and as of recently, Rhode Island.

Remember that Elon Musk made the decision to create X as an all-performing social media platform with a variety of features. A payment hub processor connected to the social network for microblogging is among the functions.

Obtaining the necessary licenses to run the company legally is one of the steps to becoming a payment hub or a crypto payment service provider in the United States. This has been done progressively by X in several states, but it has primarily concentrated on fiat payments under the “Money Transmitter Licence.”

However, with the help of this “Currency Transmitter” license, X will now be able to offer services relating to cryptocurrencies, including cryptocurrency exchanges, wallets, and payment processors.

Are there any plans for crypto services on X (Twitter)?

It is yet unclear whether Elon Musk’s X will offer crypto-related services, despite the fact that this development points in that direction. Remember that earlier this month, the billionaire from South Africa said that the social media behemoth will never introduce a native crypto asset.

Tesla, Musk’s biggest business, is said to have 10,725 Bitcoin on its books. Additionally, X’s owner has shown a great deal of public support for Dogecoin, which frequently has the ability to have a direct beneficial impact on DOGE’s price.

Given this level of backing, supporters of Dogecoin (the “DOGE army”) anticipate Musk integrating Dogecoin-based cryptocurrency payments on the X app soon.

The army of meme coin fans ultimately expected Twitter Payments LLC to acquire these licenses. According to data from Coinmarketcap, the revelation has had a minor impact on the Shiba-Inu-themed meme-coin, which has seen a gain of over 5% over the past 24 hours.

Recall that in late 2021, Elon Musk’s Tesla already accepted Dogecoin as a form of payment for goods in its online store, and that SpaceX will do the same in 2022. Therefore, it wouldn’t be surprising to see X (Twitter) start offering cryptocurrency services now or in the near future.

Author

Samson Ayodeji

I am literally obsessed with technology. I love writing about the latest news in technology in different markets, segments and sectors across the world.

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