X secures Rhode Island currency transmitter license, potentially paving way to crypto services X secures Rhode Island currency transmitter license, potentially paving way to crypto services
The license approval is another step toward CEO Elon Musk's fabled "everything app" becoming a reality.
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Updated: Aug. 30, 2023 at 6:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
X, formerly known as Twitter, has edged closer to its goal of integrating cryptocurrencies into its services by securing a currency transmitter license in Rhode Island.
This development signifies a critical step towards X’s envisioned transformation into a comprehensive “everything app,” akin to China’s WeChat. Under the stewardship of owner Elon Musk, the platform has made substantial strides in securing necessary money transmitter licenses across multiple states.
Gathering licenses
The Rhode Island Department of Business Regulation necessitates any individual or entity involved in digital currency management or transactions on behalf of users, including cryptocurrency wallets, exchanges, and payment processors, to obtain a currency transfer license.
In addition to these state-level licenses, X also registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) last November, further paving the way for its platform to process payments.
Although no official statements have been made by X regarding which cryptocurrencies will be integrated first, Musk’s frequent tweets about Dogecoin (DOGE) have stirred speculation about the meme coin’s potential early addition to the platform. The ongoing efforts by X mirror a broader trend within the social media industry to integrate digital payments.
As CryptoSlate previously reported, X has been progressively working on its payment infrastructure for months. It applied for money service business (MSB) licenses with FinCEN in November 2022, disclosing its aim to operate across all U.S. states and territories. While X has not officially launched any payment service, this latest acquisition of the Rhode Island Currency Transmitter License marks a significant milestone in its ambitious journey toward creating an all-encompassing digital platform.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.