Twitter, now operating under the name X, has achieved a significant milestone by obtaining the Rhode Island Currency Transmission License.
This license is essential for facilitating cryptocurrency trading within the state and enables X to offer a range of virtual currency-related services to its users.
These services encompass activities such as the secure storage, seamless transfer, and efficient exchange of digital assets.
The Rhode Island Department of Business Regulation mandates that any individual or entity engaged in overseeing virtual currency or conducting virtual currency transactions on behalf of others must acquire a currency transmission license.
This crucial license has been successfully secured by X (previously known as Twitter). The entities falling under this requirement encompass cryptocurrency exchanges, payment processors, and cryptocurrency wallets that hold custodial control over the funds stored within.
In recent times, X has been progressively transforming itself into a payment-focused company, unveiling its deepening involvement in the cryptocurrency realm.
One notable collaboration involves its partnership with Strike, a prominent Bitcoin payment application. This strategic alliance empowers users to send and receive Bitcoin tips seamlessly through the X platform.
Furthermore, X has introduced a feature allowing users to exhibit their Bitcoin and Ethereum addresses on their profiles, amplifying its cryptocurrency integration.
Rumors have surfaced indicating that X (formerly Twitter) is contemplating a transformation akin to a modern-day PayPal.
With its aspirations for enhancing its payment functionalities, X is setting the stage for an evolution that could potentially redefine how transactions occur within its ecosystem.
