X, formerly known as Twitter, has embarked on a fascinating journey towards becoming an all-encompassing “everything app” under the visionary leadership of Elon Musk. In its latest stride, X has secured a coveted currency transmitter license in Rhode Island, marking a significant move towards integrating cryptocurrencies into its services. Join us as we delve into this exciting development and explore the potential for crypto services within X’s grand vision.

Read more: Elon Musk’s ‘X’ Rebranding; Farewell Bluebird

Gathering the Necessary Licenses

To navigate the intricate world of cryptocurrencies, X has been diligently gathering the essential licenses. Rhode Island, in particular, requires entities handling digital currencies, including wallets, exchanges, and payment processors, to possess a currency transfer license. X has also wisely registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in preparation for processing payments.

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X has a total of seven money and currency transmitter licenses. Source: NMLS

Crypto Speculation

While X has remained tight-lipped about which cryptocurrencies it will incorporate first, Elon Musk’s conspicuous enthusiasm for Dogecoin (DOGE) on Twitter has ignited speculation about the meme coin’s possible early inclusion. This aligns with a broader industry trend of social media platforms embracing digital payments.

Steadfast Progress

X has been quietly strengthening its payment infrastructure for months. In November 2022, it applied for money service business (MSB) licenses with FinCEN, signaling its intent to operate nationwide. Although X has yet to officially launch a payment service, obtaining the Rhode Island Currency Transmitter License is a momentous achievement in its quest to create an all-encompassing digital platform.

Rhode Island’s Seal of Approval

Rhode Island’s regulators recently granted X the currency transmitter license it needed, allowing the company to conduct financial activities related to both fiat and crypto assets. This approval empowers X to securely custody, transfer, and exchange digital currencies, effectively opening doors to a world of financial possibilities. However, not all app users are as thrilled as we are.

A Step Closer to the “Everything App”

Elon Musk’s vision for X as an “everything app,” complete with crypto and fiat payments, is rapidly materializing. While initial reports suggest X’s payment feature will primarily support fiat currencies, Musk has instructed developers to make room for future crypto integration, keeping pace with the dynamic crypto landscape.

This revelation comes hot on the heels of rumors that gained traction in recent days. The information comes courtesy of the renowned security researcher, Jane Manchun Wong, who has earned her place in Forbes’ prestigious 30 under 30 list for her remarkable track record of exposing tech-related scoops.

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X’s journey towards becoming a comprehensive digital platform is gaining momentum, with the Rhode Island currency transmitter license as a crucial milestone. As X navigates the ever-evolving world of cryptocurrencies, its ambitious goal of becoming an “everything app” is within reach. Stay tuned for more exciting developments in the world of X and cryptocurrencies!

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