The Elon Musk-owned social media platform X, formerly known as Twitter, has been granted a license to provide cryptocurrency wallet services within Rhode Island.
What Happened: According to a filing, the Currency Transmission License empowers X to lawfully extend its services to include crypto payments and trading in the Ocean State.
Earlier this month, Twitter Payments secured money transmitter licenses in several other U.S. states, including Arizona, Georgia, Maryland, Michigan, New Hampshire, and Missouri.
The firm eventually hopes to offer transfer services across all 50 U.S. states. However, they’re still awaiting additional approvals, and there’s no specified timeline for completion.
Why It Matters: X is leveraging its vast user base to explore new revenue streams. During a 2022 Twitter Space event, Musk discussed the idea of linking bank accounts to social media profiles, integrating debit cards, and facilitating money transfers.
This vision mirrors the objectives of the now-discontinued Diem, a global payment initiative by Meta, formerly known as Facebook.
X users will gain the capability to securely store, send, and receive a diverse range of cryptocurrencies. This move is poised to wield substantial influence within the realm of payment services offered by the platform and is expected to play a pivotal role in introducing cryptocurrencies to a broader user base, thereby fostering the expansion of the cryptocurrency market to a previously untapped audience.
What’s Next: Dogecoin DOGE/USD or Shiba Inu SHIB/USD will likely be integrated into X’s cryptocurrency wallet strategy.
Over multiple instances, the value of DOGE has experienced significant surges following Musk’s comments or references to the digital coin.
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