Social media platform X (formerly Twitter), owned by Elon Musk, has taken another step to offer its users financial services, including cryptocurrency payments. The platform has just received a local license in the United States, issued by a regulator in Rhode Island.
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According to the Nationwide Multi-State Licensing System (NMLS), the license was granted this week, August 28, 2023. Rhode Island, a state in the Northeastern United States, has issued a permit called the Currency Transmitter License, which affects the currency transmitter license to transmit and receive funds. This applies to fiat currencies (dollars, euros, etc.) and to cryptocurrencies (Bitcoin, Ethereum, etc.).
With this latest approval, the former Twitter can now offer transfer, custody and exchange services for digital assets through its platform. This brings Elon Musk’s plan,
This is not the first such license for X in the United States. In July, the states of Michigan, Missouri and New Hampshire approved separate permits and the platform can now offer payment services in seven administrative regions of the US.
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Although it is not yet known when and in what form X will implement payment services, some sources familiar with the matter indicate that these are likely to be similar to the services offered by PayPal. It’s worth noting that Musk was one of the co-founders of the payments giant.
A few months ago, X took another step to offer more financial services to its customers. Integration with the eToro social trading platform allowed users to buy and sell stocks and other assets using a $cashtag symbol.
X aims to create a trading hub
Earlier this month, Finance Magnates reported that, according to a media release by Semafor, X is looking for a financial data partner to set up its own fully independent trading operation hub within its platform.
As such, there is speculation that the social media giant, now owned by Elon Musk, is actively seeking out large companies that provide financial information, live stock market data, and other related services. As part of their proposal, the company is said to have inquired about the financial commitment of potential partners for the project.
In addition, the platform attracts potential partners by pointing out its reach of “hundreds of millions of qualified users”. It’s worth noting that Musk bought Twitter for a whopping $44 billion last year and subsequently privatized the company.
Social media platform X (formerly Twitter), owned by Elon Musk, has taken another step to offer its users financial services, including cryptocurrency payments. The platform has just received a local license in the United States, issued by a regulator in Rhode Island.
According to the Nationwide Multi-State Licensing System (NMLS), the license was granted this week, August 28, 2023. Rhode Island, a state in the Northeastern United States, has issued a permit called the Currency Transmitter License, which affects the currency transmitter license to transmit and receive funds. This applies to fiat currencies (dollars, euros, etc.) and to cryptocurrencies (Bitcoin, Ethereum, etc.).
Discover StealthEX.io – the future of cryptocurrency. Exchange 1000+ coins instantly, no sign up, safe and private. Dive into the new age of crypto!
With this latest approval, the former Twitter can now offer transfer, custody and exchange services for digital assets through its platform. This brings Elon Musk’s plan,
This is not the first such license for X in the United States. In July, the states of Michigan, Missouri and New Hampshire approved separate permits and the platform can now offer payment services in seven administrative regions of the US.
Continue reading
Although it is not yet known when and in what form X will implement payment services, some sources familiar with the matter indicate that these are likely to be similar to the services offered by PayPal. It’s worth noting that Musk was one of the co-founders of the payments giant.
A few months ago, X took another step to offer more financial services to its customers. Integration with the eToro social trading platform allowed users to buy and sell stocks and other assets using a $cashtag symbol.
X aims to create a trading hub
Earlier this month, Finance Magnates reported that, according to a media release by Semafor, X is looking for a financial data partner to set up its own fully independent trading business hub within its platform.
As such, there is speculation that the social media giant, now owned by Elon Musk, is actively seeking out large companies that provide financial information, live stock market data, and other related services. As part of their proposal, the company is said to have inquired about the financial commitment of potential partners for the project.
In addition, the platform attracts potential partners by pointing out its reach of “hundreds of millions of qualified users”. It’s worth noting that Musk bought Twitter for a whopping $44 billion last year and subsequently privatized the company.
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