Twitter (X) Now Gets Important License To Provide Crypto Trading Service

Key Points:

• X, formerly Twitter, obtains a Rhode Island license for cryptocurrency transactions.
• Users will soon store, transfer, and exchange digital assets directly on the platform.
• Move emphasizes the social network’s push for mainstream cryptocurrency use.

Social media giant X, formerly known as Twitter, has achieved a significant milestone on its journey toward becoming a cryptocurrency-friendly platform.

As reported by Cryptotimes, X has successfully secured a Rhode Island money transmitter license, a crucial authorization for facilitating cryptocurrency payments and transactions within the United States.

The acquisition of this license, known as “Currency Transmitter,” was officially approved on August 28, according to data from the Nationwide Multistate Licensing System (NMLS).

This regulatory green light allows the social network to extend services related to virtual assets, enabling users to store, transfer, and exchange digital currencies seamlessly.

The Rhode Island license, which empowers the platform to manage virtual currency and transactions on behalf of its users, is typically held by various crypto-oriented service providers like exchanges, wallets, and payment processors.

This marks the platform’s latest stride in embracing the world of cryptocurrencies. The company has previously implemented features such as Bitcoin tipping and the option for users to set non-fungible tokens (NFTs) as profile pictures.

With this newly obtained license, it is edging closer to its goal of enabling direct cryptocurrency functionalities for its users, including sending, receiving, and storing digital assets directly on the platform.

While specific details about its upcoming crypto payment features are yet to be unveiled, the acquisition of the Rhode Island license underscores the platform’s commitment to fostering the use of cryptocurrencies in everyday transactions.

This development has the potential to significantly catalyze mainstream cryptocurrency adoption, streamlining the process of integrating digital currencies into daily life.

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