Elon Musk has given the developers of X the goal of preparing a payment system on the platform that would allow them to make not only traditional but also cryptocurrency payments.
X (Twitter) has received a license from the Rhode Island regulator to transfer currency, the next step in the company's push into the financial services sector.
X's Rhode Island currency transmitter license was approved by the regulator on August 28 in accordance with the Nationwide Multi-State Licensing System (NMLS). This makes X the holder of seven money and currency transfer licenses already obtained in different states, Cointelegraph reported.
Such licenses are required by law to be held by all financial companies engaged in the activity of sending and receiving money on behalf of users. This applies to both fiat and cryptocurrency assets. With these licenses, X will be able to store, transfer, and exchange its community members' digital currencies.
Achieving this goal is fully in line with Musk's plans to make X an "app for everything" that will be able to add fiat and cryptocurrency transactions to its assets.
Initially, the payment feature will only affect fiat, but given the prospect of adding cryptocurrencies, developers will be preparing X's payment system with them in mind.
X has already received money transfer licenses in other states. On July 5, licenses were approved in Michigan, Missouri, and New Hampshire. With the license received on August 28, X has been authorized to transfer money in seven U.S. states.
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