The social media platform X, formerly known as Twitter, has obtained a license required for crypto payments and trading in the US.
The Rhode Island Currency Transmitter License was approved to X on 28 August, according to data displayed on NMLS. This license is required to provide virtual asset related services on behalf of users.
It will enable the social media platform to store, transfer and exchange digital assets for its massive user base.
The Rhode Island license grants access to maintain control of virtual currency and its transaction on behalf of others. This license holder includes different crypto-related services providers such as crypto exchanges, wallets and payment processors.
Since Elon Musk took over, the social media platform is going through huge changes. Musk has stated that he wants to turn twitter into an ‘everything app.’