X’s Foray Into Financial Services Sector
X (Twitter) has made a major step forward in its foray into the financial services sector, as Rhode Island’s regulators have granted the company a currency transmitter license. This license is legally required for companies that are involved in activities related to sending and receiving money, including both fiat and crypto assets. As a result, X now has the ability to custody, transfer and exchange digital currencies.
The approval was officially recorded on Aug. 28 on the Nationwide Multi-State Licensing System (NMLS). This move is significant for Elon Musk’s ambition to make X an “everything app” that would provide crypto and fiat payments.
X’s Upcoming Payment Feature
Rumors have circulated that X’s upcoming payment feature will only support fiat currencies, but Elon Musk is reportedly encouraging developers to construct the platform in a way that allows for future integration of cryptocurrencies.
The approval of X’s money transmitter license in Michigan, Missouri, and New Hampshire on July 5th brings the total number of American states the company has secured licenses in to seven.
It is unclear what type of financial services will be available when X launches their payment feature. Sources close to the company suggest that, similar to PayPal, X will offer fiat currency transaction services, with the possibility of cryptocurrency capabilities in the future.
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