Based on publicly available data from the nationwide multi-state licensing system of the United States, the social media platform X (Twitter) has officially obtained a Money Transmitter License from Rhode Island. This license allows the platform to process payments using cryptocurrencies in the United States.
Other states where X has secured licenses include Michigan, Missouri, New Hampshire, Maryland, Georgia, and Arizona. With this type of license, X can legally engage in activities such as “maintaining control of virtual currency or conducting virtual currency transmissions” for itself or on behalf of others.
It’s worth noting that X is currently owned by Tesla CEO Elon Musk and has recently received money transmitter licenses from several other states. However, the Rhode Island license is unique in that it specifically includes provisions for processing payments with cryptocurrencies.
There have been rumors for a while that, under Musk’s leadership, X would incorporate at least one type of cryptocurrency for platform payments. The news this week marks the first confirmation that X possesses the necessary licenses to do so.
The company is expected to introduce various forms of legal tender payment functionality in the near future, and many believe that cryptocurrency payments will eventually be added down the line.
Earlier this year, the Financial Times reported that Musk had instructed X employees to build payment features in a way that could support cryptocurrency payments in the future.
Currently, X boasts nearly 450 million active users, and any implementation of cryptocurrency for payments on this platform would undoubtedly have significant implications for the cryptocurrency market.