Elon Musk’s X Acquires Currency Transmitter License, Could Introduce Crypto Payments: Report

Elon Musk’s X has been granted a money transmitter license for the microblogging platform in a US state, suggesting the social networking platform formerly known as Twitter may soon support payments in cryptocurrencies and fiat currencies . The license gives the company the right to facilitate the custody, transfer and exchange of digital currencies. Musk, who bought X last year, said he wanted to turn it into an “app for everything.” The billionaire envisions X as a platform for users to communicate, share and process payments in the future.

According to CoinTelegraph Report, X has a money transmission license from Rhode Island. A money transmission license is a legal requirement for U.S. remittance companies, the report said.

Allegedly, the payments feature on X may initially only allow payments in fiat currencies. However, at a later stage of the upgrade, the feature could also allow for the transfer and exchange of cryptocurrencies.

The cryptocurrency market reacted positively on Wednesday. According to statistics, the valuation of the cryptocurrency industry soared 4% overnight to $1.09 trillion (approximately Rs 9,007,269 crore) coin market cap.

On the back of this news, the value of Musk’s favorite altcoin – Dogecoin – also surged by more than 3% to trade at $0.066 (roughly Rs. 5.42). Oddly, Musk himself has not released any information about the company obtaining a license.

It’s worth noting that Rhode Island isn’t the only state in the U.S. that has granted X a money-transmitting license. Earlier this year, U.S. states including Michigan, Missouri, and New Hampshire also approved X’s license, making Rhode Island the seventh state to do so, CoinTelegraph reported.