X secures license to add crypto payments: Here’s everything we know
This development marks a significant step forward in the company’s efforts to establish itself as a cryptocurrency-friendly platform.
The Rhode Island Currency Transmitter License, granted to X on Monday, 28 August 2023, according to data accessible on the Nationwide Multistate Licensing System (NMLS), enables the company to provide digital asset-related services to its users.
The acquisition of this license underscores X’s commitment to integrating cryptocurrencies into its platform, potentially opening up new avenues for cryptocurrency usage and adoption.
The move is aligned with X’s previous actions, such as introducing a Bitcoin tipping feature and allowing users to showcase non-fungible tokens (NFTs) as their profile pictures.
The obtained license brings X closer to its objective of enabling users to seamlessly engage with cryptocurrencies directly on the platform.
This development has the potential to significantly enhance the accessibility and utility of cryptocurrencies in people’s day-to-day lives.
By facilitating the ability to send, receive, and store cryptocurrencies, X could contribute to mainstream adoption and the normalisation of cryptocurrency usage.
While the specific crypto payment features that X will offer remain to be revealed, the acquisition of the Rhode Island Currency Transmitter License signals a promising direction for the integration of cryptocurrencies on the platform.
The license provides X with the regulatory clearance needed to establish a foothold in the cryptocurrency space, potentially opening up opportunities for greater innovation and user engagement.