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X (Former Twitter) Secures Crypto Payment License in Rhode Island

X (Former Twitter) Secures Crypto Payment License in Rhode Island


X, under Musk's leadership, aims to be an all-encompassing digital ecosystem.

Rhode Island authorities have given the green light to X, the multi-utility platform previously known as Twitter and owned by tech magnate Elon Musk, to begin operations as a licensed currency transmitter. The approval, granted on August 28 also confirmed by the Nationwide Multistate Licensing System (NMLS), allows X to offer crypto-based services.

X, under Musk's leadership, aims to be an all-encompassing digital ecosystem. The platform is a fusion of a social network, a payment processor, and now, thanks to Rhode Island's "Currency Transmitter" license, a cryptocurrency hub as well. Musk has been outspoken about the platform’s friendly attitude towards digital currencies, especially Dogecoin, coining X as a "DOGE-friendly place". Shortly after rebranding as X, Musk added the Dogecoin logo to his Twitter bio. Read our dedicated article about Musk's crypto journey. 

Rhode Island's Department of Business Regulatory mandates that any entity engaging in virtual currency transactions on behalf of third parties must secure a currency transmission license. With this license, X is permitted to store, transfer, and exchange digital assets like Bitcoin and Ethereum. The license also extends to other crypto-related service providers including wallets, exchanges, and payment processors.

The Rhode Island approval is the latest in a string of licenses X has been accumulating, following approvals in Michigan, Missouri, and New Hampshire earlier this summer. The strategy suggests an effort by X to establish itself as a legitimate money transmitter in multiple American jurisdictions, facilitating a potentially massive entry into the cryptocurrency sector.

The value of Dogecoin surged by 5% to $0.067 approximately around the time when the Rhode Island license was announced. Such price movements aren’t new; Dogecoin’s price experienced similar spikes when Musk acquired Twitter last year and briefly swapped Twitter’s bird logo for a picture of a Shiba Inu.

With the Rhode Island license, X moves closer to Musk’s vision of an "everything app,"  users can manage their entire financial spectrum—from tweeting to trading—all within a single interface.

Other platforms like Telegram have already implemented Bitcoin and USDT payments directly into their apps,  while Coinbase wallet has now introduced encrypted decentralized messaging.

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

Elon Musk

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