Elon Musk’s X gets license needed for crypto payments

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Elon Musk decided to make X (formerly known as Twitter) a “do-it-all app” with a variety of features, including a payment hub that integrates with the Weibo social network and other tools in the construction ecosystem processor. Musk has said X is a “DOGE-friendly place.”

Part of the work of becoming a payments hub or cryptocurrency-friendly place in the United States lies in obtaining the licenses required to legally operate such a business. Elon Musk’s company has been gradually rolling out the business in different states, but has mostly focused on fiat payments under a “money transmitter license.”

Notably, Rhode Island approved the license requested by X’s payments affiliate, Twitter Payments LLC, on March 28, according to NMLS data. The “money transmitter” license also covers different cryptocurrency-related service providers, such as cryptocurrency exchanges, wallets, and payment processors.

In particular, the license will enable X to store, transfer and exchange digital assets on behalf of its users.

Licensed by Twitter Payments LLC. Source: Will X Provide Cryptocurrency Services?

However, it remains uncertain whether Elon Musk will allow X to provide cryptocurrency-related services.

The billionaire has said that X will never launch its own crypto token in the face of misleading promotions for a recently created token with a similar name to the Everything App.

Interestingly, Musk’s largest company, Tesla Inc (NASDAQ: TSLA), reportedly holds 10,725 Bitcoin (BTC) on its balance sheet.

Elsewhere, Dogecoin (DOGE) also enjoys significant public support from X owners, which often has the ability to have a direct positive impact on the price of DOGE. The Dogecoin community often speculates that the leading meme coin will soon be officially accepted on the social platform, much like Elon Musk once did for Tesla merchandise.