From Tweets to Transactions: X Moves Closer to Crypto and Fiat Payments

<p>The social
media platform X (formerly Twitter), owned by Elon Musk, has taken another step
towards offering its users financial services, including cryptocurrency
payments. The platform has just obtained a local license in the United States,
issued by a regulator in Rhode Island.</p><p>Formerly Twitter, X Moves
Closer to Offering Crypto Payments</p><p>According
to Nationwide Multi-State Licensing System (NMLS) data, the license was granted
this week, on 28 August 2023. Rhode Island, a state in the northeastern part of
the US, issued an authorization called the Currency Transmitter License, which
concerns the transfer and receipt of financial funds. This applies to fiat
currencies (dollars, euros, etc.) and to <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a> (Bitcoin, Ethereum,
etc.).</p><p>With this
latest approval, <a href="https://www.financemagnates.com/cryptocurrency/elon-musk-unveils-new-twitter-logo-causing-crypto-craze/" target="_blank" rel="follow">the former Twitter</a> can now provide transfer, custody, and
exchange services for digital assets through its platform. This brings Elon
Musk's plan to make X an 'everything app' closer to realization and the general
trend among social media giants increasingly interested in the world of
payments.</p><p>This is not
the first license of this type for X in the United States. In July, the states
of Michigan, Missouri, and New Hampshire approved separate authorizations, and
the platform can now offer payment services in seven administrative regions in the US.</p><p>Although it
is not yet known when or in what form X will implement payment services, some
sources familiar with the matter suggest that these are expected to resemble
services offered by PayPal. It's worth noting that <a href="https://www.financemagnates.com/tag/elon-musk/" target="_blank" rel="follow">Musk was one of the
co-founders</a> of the payment giant.</p><p>A few
months ago, X took another step towards offering more financial services for its
customers. Integrating with the <a href="https://www.financemagnates.com/cryptocurrency/twitter-goes-deeper-into-trading-with-cashtags/" target="_blank" rel="follow">social trading platform, eToro</a>, allowed users
to buy and sell stocks and other assets using a $Cashtag symbol.</p><p>X Aims to Create a Trading
Hub</p><p>Earlier this month,<a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance
Magnates</a> reported that, according to a media publication by Semafor, X
is looking for a partner in the area of financial data <a href="https://www.financemagnates.com/cryptocurrency/x-social-media-searches-for-financial-data-partners-for-super-app-report/" target="_blank" rel="follow">to create</a> its own fully
independent trading <a href="https://www.financemagnates.com/terms/h/hub/">hub</a> within its platform.</p><p>Consequently,
there is speculation that the social media giant, now under Elon Musk's
ownership, is actively looking for major corporations to supply financial
information, live stock market data, and other related services. As part of
their proposal, the company is said to have inquired about the financial
commitment potential partners could make in the venture.</p><p>Moreover,
the platform is drawing in prospective partners by highlighting its reach to
'hundreds of millions of qualified users'. It's worth noting that Musk
purchased Twitter for a staggering $44 billion last year and subsequently
privatized the company.</p>

This article was written by Damian Chmiel at www.financemagnates.com.