August 30, 2023

X Obtains License for Offering Crypto Payments

X Twitter

X Twitter

X, previously known as Twitter, has obtained a license that enables it to offer cryptocurrency payments and trading options in the United States.

As per records displayed on the Nationwide Mortgage Licensing System (NMLS), on August 28, X was granted the Rhode Island Currency Transmitter License. This permit is mandatory for providing services linked to digital assets on behalf of their users.

Acquiring this license is a significant milestone for X as it strives to become a platform that supports cryptocurrency. In the past, X has introduced various measures to integrate cryptocurrency, including adding a tipping feature for Bitcoin and enabling users to use NFTs as their profile pictures.

With the recent move, Elon Musk’s vision for X to be an all-encompassing app, including crypto and fiat payments, takes a step forward. Although initial reports suggest that the upcoming payments feature will support fiat currency only, Musk has instructed X’s developers to create a payments system that can accommodate crypto in the future.

The exact financial services that X will offer when the payment feature is launched still need to be determined. Sources familiar with the company’s plans have indicated that X will offer fiat currency transaction services similar to Palp, which Musk co-founded, with the potential for future crypto integration.

The price of Dogecoin, a cryptocurrency favored by Elon Musk, briefly increased by 2.55% before dropping back down. Many Dogecoin enthusiasts, known as the “DOGE army,” hope that Musk will soon integrate Dogecoin payments on the X app. The recent news that Twitter Payments LLC has received licenses has excited these meme coin enthusiasts.

The current price of DOGE is $0.06455, showing a 4.34% increase. The sudden increase has also influenced this rise in DOGE value in Bitcoin’s price, driven by Grayscale’s recent legal victory against the SEC in the Bitcoin ETF case.

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