Elon Musk's X Has Received Payment Processing Licences: What Does This Mean For Crypto?
Social Media X (formerly Twitter) has been licensed to process payments in several states, including Maryland, New Hampshire and Rhode Island.
Platform owner Elon Musk has repeatedly shared his plans for the development of X, including hints about the cryptocurrencies integration. Newly obtained licences enable the platform to offer broader payment services.
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— 0x.daVinci (💙,🧡) (@0x_daVincii) August 30, 2023
The popular social media platform X (formerly Twitter) is set to introduce cryptocurrency payments to its nearly 450M active users. X recently obtained a Rhode Island Currency Transmitter License, allowing it to store, transfer, and exchange digital assets. pic.twitter.com/EK8huDrSBy
Since June, the social media platform has obtained payment licenses in Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire. X also obtained a license in Rhode Island. It is required to provide cryptocurrency services, though it is not limited.
Still, this was a reason for the crypto community to make a fuss. Immediately after the Rhode Island license was obtained, the price of Dogecoin (DOGE) surged by 10%. Musk is a strong proponent of this memecoin. And many crypto enthusiasts brought up the possible integration of DOGE on X again.
More attentive traders reacted to media mentions of the coin immediately and rushed to sell off their DOGE. According to TradingView, the coin saw a 6% drop after a 10% rise. However, it soon recovered more than 3% of the initial price drop.
Source & Copyright TradingView
Back in April 2022, days before buying Twitter, the billionaire shared plans for a blockchain-based social network with payments integration. Obtaining licenses in a number of states suggests that Musk wants to put X on a level with Venmo and PayPal in the payment sector.
Elon Musk has yet to comment on the license situation. However, it can be assumed that X, as one of the largest social networks, may integrate cryptocurrencies alongside fiat currency within near future. And this indicates a big step towards the acceptance of cryptocurrencies.
