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Elon Musk’s X obtains required license for crypto payments

Elon Musk's X obtains required license for crypto payments

Elon Musk has decided to make X (formerly Twitter) an “everything app” with multiple functionalities, including a payment hub processor integrated with the microblogging social network and other tools from the building ecosystem. Musk already stated that X is a “DOGE-friendly place”.

Part of the work of becoming a payment hub, or a cryptocurrency-friendly place, in the United States lies in obtaining the required licenses to operate such a business legally. Elon Musk’s company has been gradually doing that in different states but mostly focused on fiat payments under the “Money Transmitter License.”

Notably, Rhode Island approved a requested license by Twitter Payments LLC — X’s payment branch — on August 28, according to data from NMLS. The “Currency Transmitter” license also includes different crypto-related service providers, such as crypto exchanges, wallets, and payment processors.

In particular, this license will enable X to store, transfer, and exchange digital assets on behalf of its users.

Twitter Payments LLC licenses. Source: NMLS Consumer Access

Will X provide cryptocurrency services?

However, it is still uncertain if Elon Musk will allow X to provide cryptocurrency-related services.

The multi-billionaire has already stated that X will never launch its own crypto token in the face of misleading promotions of recently created tokens with name similarities to the “everything app.”

Interestingly, Musk’s largest company, Tesla Inc. (NASDAQ: TSLA), reportedly holds 10,725 Bitcoin (BTC) on its balance sheets.

Elsewhere, Dogecoin (DOGE) has also received a lot of public support from X’s owner, which usually has the power to directly affect DOGE’s price positively. The Dogecoin community usually speculates that the leading meme coin will soon be officially accepted on the social platform like Elon Musk once did for Tesla’s merchandise.

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