Elon Musk's X can now process crypto trades and payments, thanks to the new license it received.
If this is true, then the new license is a huge improvement for the platform since the billionaire wants it to make an "everything app."
Elon Musk's X Can Now Process Crypto Trades, Payments
According to Interesting Engineering's latest report, X officially received a license for cryptocurrency transactions in the United States.
This was revealed by the data displayed on the NMLS, saying that the social media company received the "Rhode Island Currency Transmitter License."
The license, which X received on Aug. 28, allows the company to provide virtual asset-related services, as well as enable users to exchange digital coins on the platform itself.
Caroline Bowler, the chief executive of BTC Markets, was excited about X's new license for crypto transactions.
"The news of Elon Musk's X (formerly Twitter), obtaining a license to facilitate U.S. crypto payments amplifies the ongoing transformation of the crypto landscape," she said via Forbes.
"Endorsements from prominent figures like Musk lend credibility to the sector and hold implications for international markets," she added.
When Can X Process Crypto Transactions?
As of writing, the license is considered by experts as merely another state money transmitter license.
But, this also means that the Rhode Island license brings the social media firm's overall state money transmitter licenses to seven.
Although sources stated that X's upcoming payments feature will initially support fiat currencies, Elon Musk is already instructing his developers to build payment systems for the app.
These payment systems are expected to have crypto functionality, which can be added in the future as X moves towards being the "everything app."
As of press time, it is still unclear when will X officially conduct cryptocurrency transactions. But, once X starts offering fiat currency transactions, experts said that it would be similar to how PayPal works.
If you want to know the status of X's ongoing efforts to bring crypto transactions into the platform, you can click here.
