SAN FRANCISCO—X, formerly known as Twitter, is moving closer to its goal of integrating cryptocurrencies into its services by securing a currency transmitter license in Rhode Island, according to a new report.
“This development signifies a critical step towards X’s envisioned transformation into a comprehensive ‘everything app,’ akin to China’s WeChat,” said CryptoSlate in its analysis. “Under the stewardship of owner Elon Musk, the platform has made substantial strides in securing necessary money transmitter licenses across multiple states.”
In addition to the state-level licenses, X also registered with the Treasury Department’s Financial Crimes Enforcement Network last November, further paving the way for its platform to process payments, CryptoSlate noted.
“Although no official statements have been made by X regarding which cryptocurrencies will be integrated first, Musk’s frequent tweets about Dogecoin have stirred speculation about the meme coin’s potential early addition to the platform,” the report added. “The ongoing efforts by X mirror a broader trend within the social media industry to integrate digital payments.”
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