Recently, the social media giant of billionaire Elon Musk has officially obtained the “Rhode Island Currency Transmission License,” allowing it to provide cryptocurrency trading services in the state of Rhode Island.
According to the Rhode Island Department of Business Regulation, any individual or entity that “maintains control over virtual currency or transacts in virtual currency on behalf of others” must have a money transmitter license issued by Platform X. This includes cryptocurrency wallets, exchanges, and payment processors that oversee funds in wallets.
However, this latest move by Platform X could potentially pave the way for the platform to offer cryptocurrency trading or payment services in the future. While Platform X has not made an official statement about which type of cryptocurrency will be integrated into the platform, Elon Musk’s frequent tweets about Dogecoin (DOGE) have sparked speculation about the potential early integration of this meme coin.
Currently, Platform X is striving to become a payment company. They have also expanded their involvement in the cryptocurrency space in the past. Previously, Platform X partnered with Strike, a Bitcoin payment app that enables sending and receiving Bitcoin tips. They also added support for displaying Bitcoin and Ethereum addresses in user profiles.
It is clear that Platform X’s actions align with Elon Musk’s vision of transforming this social media giant into a super payment app similar to WeChat in China.