Social media platform X, formerly Twitter, has acquired licensure needed to facilitate cryptocurrency payments and trading in the U.S. Its application for the Rhode Island Currency Transmitter license was approved yesterday, according to the Nationwide Multistate Licensing System.
Perspective: The Rhode Island Currency Transmitter license enables businesses to maintain control of virtual currency on behalf of others, indicating that X could be working to offer several crypto services for users, including payments, trading, wallets and more.
More details: This latest regulatory approval comes after years of Elon Musk publicly expressing his interest in and support for cryptocurrencies. Since he acquired X, the platform has added crypto-focused features and even featured the Dogecoin logo briefly in April.
- “Elon’s dream is to make Twitter, aka X, into this super global DApp that can be used for everything … including having a crypto wallet and being able to conduct crypto payments,” George of CryptosRUs explained in the video above. “And it seems like his wish just became true.”
- “He’s been talking about doge for so long. You know he wants to integrate doge in some way.”
Key takeaways: If obtaining the license is indeed a milestone toward additional crypto adoption on X, it’s likely that a broad range of cryptocurrencies will see their prices rise.
- “This is exactly what we need,” George said. “We need a jolt.”
- “If he actually comes out (and says,) ‘Hey, our wallet is coming, we’re going to allow people to send payments to each other, accept payments,’ … Any kind of announcement of that magnitude will definitely be very good for the entire market.”
The context: Musk could be pursuing wider crypto adoption on X as his former company, PayPal, also competes to bring crypto payments to more users.
- “Recently, we know that PayPal got into the stablecoin game,” George concluded. “We know that PayPal already allows crypto payments and allows cryptocurrency trading… Elon is going after PayPal, his old company.”
Originally published on TheStreet.com
