Twitter-X receives license for cryptocurrency operations

Platform X (formerly Twitter) has received a license to make cryptocurrency payments. According to the U.S. National Licensing System (NMLS), it gives the right to transfer and trade digital assets in the United States.

The Rhode Island license allows Elon Musk’s social network to control digital assets, store and transfer them to other users. The holder of virtual coins can interact with various cryptocurrency service providers, including exchanges, wallets, and payment systems.

As a reminder, back in 2021, Twitter launched a bitcoin tip payment feature to reward content creators. And in November 2022, X CEO Elon Musk announced that he wanted to turn it into an «app for everything.»

It should be added that rumors are circulating that Elon Musk wants to turn X into PayPal. Fox Business News correspondent Charles Gasparino reported that the billionaire discussed the future of the social network with Wall Street executives. The media outlet suggested that Musk is inclined to turn X into a new payment system. According to Gasparino, this system would offer lower transaction costs compared to credit cards and could potentially monetize user information.

Earlier, Musk denied rumors that X would launch its own cryptocurrency to compete with the strongest virtual coins on the market — Bitcoin, Ethereum, and XRP. Instead, the businessman reiterated his commitment to cryptocurrencies, in particular, the Dogecoin (DOGE) meme coin.