X Moves Towards Crypto Payment Services

August 31, 2023 at 12:14 PM
X Moves Towards Crypto Payment Services

X, previously known as Twitter, is steadily progressing toward introducing financial services for its users, prominently featuring cryptocurrency payments. The recent announcement of a license acquisition in Rhode Island reinforces this development.

According to data provided by the Nationwide Multi-State Licensing System (NMLS), Rhode Island granted X the Currency Transmitter License on August 28, 2023. This license pertains to the transfer and receipt of financial funds, encompassing both traditional fiat currencies, such as dollars and euros, and cryptocurrencies like Bitcoin and Ethereum.

Consequently, with this license, X is now equipped to extend transfer, custody, and exchange services for digital assets to its expansive user base. This achievement aligns with Elon Musk's aspiration of evolving X into an 'everything app,' a vision reflective of the broader trend among social media magnates, increasingly venturing into the payment sector.

This Rhode Island license isn't X's maiden venture in this arena within the US. Previous licenses were secured in Michigan, Missouri, and New Hampshire in July, enabling X to offer its payment services across seven US states.

Although the precise timeline and manner of the crypto payment service's launch remain under wraps, industry insiders hint at its similarity to PayPal's offerings. A significant point of interest here is Musk's history as one of PayPal's co-founders, which may influence X's direction in this domain.

Earlier this year, X had expanded its financial services spectrum by integrating with the social trading platform eToro (Read our detailed article about eToro). This collaboration enabled users to trade stocks and other assets utilizing the $Cashtag symbol.

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