X, the popular social media platform, has been granted a currency transmitter license by Rhode Island regulators, marking a step forward for the company’s foray into the financial services sector. This license is legally required for companies conducting financial activities related to sending and receiving money, including both fiat and crypto assets.The approval will allow X to custody, transfer and exchange digital currencies. X has now secured money transmitter licenses in seven American states, with the latest license being approved on August 28.Elon Musk, the CEO of X, is pushing for the platform to become an “everything app”, which would include crypto and fiat payments. Sources have suggested that X’s upcoming payments feature will initially only offer support for fiat currencies, but Musk has reportedly instructed developers to build the platform’s payments system in such a way that crypto functionality can be added in the future.It remains unclear exactly what financial offerings will be made available if and when X rolls out payment features. People familiar with the company’s plans have indicated X will initially offer fiat currency transaction services similar to PayPal, with room for future crypto integration.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | Donald Trump, Elon Musk, Joe Biden |
| Companies | Twitter, CryptoSlate (avoid listing), PayPal, Nationwide Multi-State Licensing System (NMLS) |
| Currencies | None |
| Securities | None |
