Source: Temitope Akintade/ Technext
In his bid to continue to make X (formerly Twitter) a community app with various functionalities, X has gotten the needed approval to operate as a payment hub in another state in the US.
According to data from the Nationwide Mortgage Licensing System (NMLS) website, Twitter Payments LLC got a license approved in Rhode Island, United States on Monday.
The “Currency Transmitter” license that X (Twitter) received includes different cryptocurrency-related service providers, such as crypto exchanges, wallets, and payment processors. Specifically, this license will enable X to store, transfer, and exchange digital currencies on behalf of its millions of users.
As it stands, Elon Musk’s X can now conduct crypto transactions and process them in seven states in the US which include Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire and now Rhode Island.
Recall that Elon Musk has decided to make X an all-performing social media with multiple functionalities. The features include a payment hub processor integrated with the microblogging social network and other tools.
One of the steps of becoming a payment hub, or a crypto payment service provider, in the United States is obtaining the required licenses to operate the business legally. X has been gradually doing that in different states but mostly focused on fiat payments under the “Money Transmitter License.”
But now, this “Currency Transmitter” license will allow X to be a crypto-related services provider, such as crypto exchanges, wallets, and payment processors.
Should we expect crypto services on X (Twitter)?
Although this development points in that direction, it is still not clear if Elon Musk’s X will provide crypto-related services. Recall that the South African-born billionaire stated earlier this month that the social media giant will never launch a native crypto token.
Musk’s largest company, Tesla, reportedly holds 10,725 Bitcoin on its balance sheets. Dogecoin has also received a lot of public support from X’s owner, which usually has the power to directly affect DOGE’s price positively.
With that level of support, Dogecoin enthusiasts (DOGE army) expect Musk to integrate crypto payments using Dogecoin on the X app in the near future.
Ultimately, Twitter Payments LLC receiving these licenses was anticipated by the army of meme coin lovers. The news has had a subtle effect on the Shiba-Inu-themed memecoin, it has recorded over 5% increase in the last 24 hours, per Coinmarketcap data.
Recall that Elon Musk’s Tesla has already incorporated Dogecoin as a payment method for merchandise in its online store in late 2021, with SpaceX following suit in 2022. So it wouldn’t come as a shock to see X (Twitter) become a cryptocurrency service provider now or in the near future.
Source: Temitope Akintade/ Technext
