Since Elon Musk took over at Twitter, many things changed there. A big change was the recent transformation from Twitter to X.
That’s a serious rebranding effort. However, that’s not all.
Elon also obtained a license for X, required for crypto payments and trading in the US. So, let’s take a closer look at what Elon is doing to make X a crypto hub.
X’s Rhode Island Currency Transmitter License
The Rhode Island currency transmitter license seems to be the most important license for X. This license allows X to store, transfer, and exchange digital assets on behalf of its users. X already obtained transmitter licenses for money in seven US states. For example, in Arizona, Maryland, Georgia, and New Hampshire.
BREAKING
Elon Musk’s X (Twitter) obtains license for #Bitcoin and crypto services to store, transfer, and exchange digital assets on behalf of its users.
pic.twitter.com/rHSqe5DpdY
— Bitcoin Archive (@BTC_Archive) August 29, 2023
However, the Rhode Island license stands out. This license allows, for instance, also for crypto payment processing. The acquired licenses allow for broader payment processing. Like Venmo or PayPal. X acquired this Rhode Island Currency Transmitter License on August 28th.
So, Elon Musk and X are now ready to start offering crypto payment services. This gives an interesting perspective to X’s 450 million users. X already allows users to monetize their content. The next step is to introduce crypto payments and storage. This may well replace crypto wallets.
On the other hand, Elon Musk and X have so far denied that they want to launch their own cryptocurrency. Nonetheless, this is another important step towards the envisioned “everything app”. Elon’s biggest firm, Tesla Inc. supposedly holds well over 10,000 BTC. Elon is also a fan of DOGE. All signs that X may launch their crypto services soon.
The picture below shows the NMLS records with the Rhodes Island license. The NMLS issued this license to Twitter Payments LLC. This is X’s payment division.
Source: Twitter
Conclusion
X, formerly known as Twitter, is well on its way to becoming a crypto hub. It recently acquired licenses from various US states. These licenses allow X to conduct crypto payments and trading. X becomes a platform where you can monetize your content for crypto. More importantly, it can manage them and might replace crypto wallets.
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