X (Twitter) obtains a crypto licence in Rhode Island

Thursday 31 August 2023 12:27 CET | News

US-based X, formerly known as Twitter, has obtained a licence to store, trade, and transfer Bitcoin and other cryptocurrencies.


Rhode Island authorities have granted a license to Twitter Payments LLC, a division of company X, allowing it to facilitate the storage, transfer, and conversion of Bitcoin and other digital currencies on behalf of their users. The currency transmitter licence is a regulatory requirement for entities aiming to engage in these specific functions in the realm of cryptocurrencies. This licence encompasses affiliated service providers, including digital wallets, payment processors, and cryptocurrency exchanges. 

It is noteworthy that after acquiring Twitter, Elon Musk expressed a vision to transform the platform into an all-encompassing application. He has articulated intentions to integrate comprehensive communication features and enable users to manage their financials within the application 

Moreover, Musk revealed via the X platform that the company is about to implement video and audio call support. He also listed some of the feature's main traits, namely that it will work on iOS, Android, Mac, and PC, and that no phone number will be required to access the new functions.


US-based X, formerly known as Twitter, has obtained a licence to store, trade, and transfer Bitcoin and other cryptocurrencies.


Other previous developments from X (Twitter)

Twitter began seeking regulatory approval across the US for its new payments architecture in February 2023. At the time, Elon Musk revealed his intentions to move forward with plans to bring payment functionality to Twitter, opening another revenue stream to the social media giant. 

Though the technology was initially revealed to be primarily fiat-focused, its designer implemented some crypto-functionalities, which are now being put to use. Before Musk took over, Twitter was already exploring both tipping and ecommerce features. Lightning-based Bitcoin tips were included in these updates, with Ether tips and NFT support following soon after. 

According to a report from the Financial Times, Twitter has established a small team dedicated to devising the framework for introducing payment functionalities to its platform. In pursuit of this objective, the company has seeked regulatory licences at the state level across the United States. This initiative follows Twitter's prior registration as a payment processor with the US Treasury in November 2022. 

The company's goal is to establish what has been described as an 'everything app,' essentially serving as a unified platform for payments, commerce, and messaging, which could potentially extend to enabling direct product purchases through the platform.

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Keywords: cryptocurrency, product upgrade, financial services, digital assets
Categories: DeFi & Crypto & Web3
Companies: Twitter
Countries: United States
This article is part of category

DeFi & Crypto & Web3


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