Elon Musk's X (Twitter) has received yet another permission for cryptocurrency payments.
Elon Musk's platform X, formerly known as Twitter, has secured yet another authorization for facilitating cryptocurrency transactions. In its ongoing efforts to transform X into a multifunctional community app, the platform has received the necessary green light to operate as a hub for payments in an additional US state. According to information from the Nationwide Mortgage Licensing System (NMLS) website, Twitter Payments LLC was granted a valid license in Rhode Island, United States, on Monday.
This granted "Currency Transmitter" license encompasses a range of services related to cryptocurrencies, encompassing crypto exchanges, digital wallets, and payment processors. Specifically, this license empowers X to store, transfer, and exchange digital currencies on behalf of its vast user base. With this recent development, Elon Musk's X is now capable of executing crypto transactions and processing them in seven US states: Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire, and the newly added Rhode Island.
It's worth recalling that Elon Musk's vision for X involves transforming it into a comprehensive social media platform with diverse functionalities. This includes integrating a payment processing hub within the microblogging social network, along with other versatile tools. Becoming a payment hub, or a provider of crypto payment services, in the United States necessitates obtaining the requisite licenses to operate legitimately. X has been methodically pursuing this goal across various states, primarily focusing on traditional payments governed by the "Money Transmitter License."
Dogecoin supporters predict that Musk will integrate cryptocurrency payments into the X app, with Twitter Payments LLC getting the necessary licenses. The value of the Shiba-Inu-themed meme coin has increased by 5% during the past 24 hours. In their online businesses, Tesla and SpaceX currently accept Dogecoin as payment. Although Musk has previously said he won't launch a native cryptocurrency token, it is still unclear whether X will provide services relating to cryptocurrencies. 10,725 Bitcoins are held in treasury by Tesla, and the owner of X has publicly stated his support for Dogecoin, which could have an impact on DOGE's price.
Given this level of backing, the DOGE army expects that Musk will integrate Dogecoin-based crypto payments into the X app in the not-too-distant future. To reiterate, the anticipation surrounding Twitter Payments LLC's acquisition of these licenses was shared among meme coin enthusiasts. This development has subtly impacted the value of the Shiba-Inu-themed meme coin, showcasing a growth of over 5% in the past 24 hours, as reported by Coinmarketcap data.
Recalling that Elon Musk's Tesla and SpaceX have both embraced Dogecoin for payments, the transformation of X (Twitter) into a cryptocurrency service provider would align with this trend, presenting no major surprise if realized in the upcoming timespan.
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