X Secures Currency Transmitter License: Musk’s Multi-Function App Vision Gains Momentum

Rhode Island regulators have given the green light to X (Twitter) by awarding it a currency transmitter license. This is a significant milestone for the company as it ventures into the financial services world.

This license is a legal necessity for firms that handle money transfers on behalf of customers, covering both traditional money and cryptocurrencies. The license will enable X to hold, move, and exchange digital currencies.

The Nationwide Multi-State Licensing System (NMLS) confirmed that X’s Rhode Island license was approved on August 28. Overall, X has secured seven such licenses across the United States.

This development is part of Elon Musk’s broader vision to transform X into an “everything app,” complete with both crypto and fiat payment capabilities. Although insiders say that X will initially only support traditional currencies in its upcoming payments feature, Musk has apparently told the team to design it in a way that can incorporate crypto payments down the line.

This latest license follows X’s approval for similar licenses in Michigan, Missouri, and New Hampshire, all of which were granted on July 5. Now, with seven states on board, it remains to be seen what specific financial services X will roll out when it activates its payment features.

According to those in the know, X’s early focus will be on fiat currency transactions, much like PayPal—a company Musk co-founded—with plans to add cryptocurrency functionalities in the future.

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