LAGOS, Nigeria (VOICE OF NAIJA) – Elon Musk’s X has obtained a currency transmitter license in a US state, signaling the potential for the social networking platform to support crypto and fiat currency payments.
This license authorizes the company to facilitate custody, transfer, and exchange of digital currencies.
Musk’s vision for X is to transform it into an encompassing “everything app” that allows users to communicate, share, and process payments.
Reportedly, X has acquired a currency transmitter license in Rhode Island, a legal prerequisite for money transfer firms in the US.
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Initial indications suggest that X’s payment feature might initially support fiat currency payments.
However, in later stages of its development, the feature could expand to encompass cryptocurrency transfer and exchange.
The crypto market responded positively, with the sector’s valuation surging by four percent to reach $1.09 trillion, as reported by CoinMarketCap.
In an interesting twist, Musk’s favored altcoin, Dogecoin, experienced a more than three percent increase in value to reach $0.066. Strikingly, Musk himself hasn’t commented on the license acquisition.
Notably, Rhode Island is not the sole US state granting the money transmitter license to X.
Earlier this year, Michigan, Missouri, and New Hampshire, among other states, also approved the license, making Rhode Island the seventh state to do so, according to CoinTelegraph.
