- The social media platform X, owned by Elon Musk (previously known as Twitter), has obtained a license to provide crypto wallet services in a state in the United States.
- X users can now store, send, and receive various cryptocurrencies, which could be a game-changing move in the payment sector.
- The launch plans for the crypto wallet could help Musk expand the platform into other financial services involving cryptocurrencies. This would come along with the stock market ecosystem that the billionaire wants to create within the platform.
What will the license obtained by Elon Musk’s social media platform X in Rhode Island be used for?
X Obtains a License in Rhode Island
The social media platform X, owned by Elon Musk (previously known as Twitter), has obtained a license to provide crypto wallet services in a state in the United States. The company is said to have obtained a Money Transmission License in Rhode Island, according to a new application.
With the approval of the license in Rhode Island, the platform can legally provide crypto wallet services. X users can now store, send, and receive various cryptocurrencies, which could be a game-changing move in the payment sector. This move could also help introduce cryptocurrencies to a wider audience and expand the crypto market to new users.
Interestingly, it remains to be seen how the meme coin Dogecoin (DOGE) will fit into Twitter’s crypto wallet plans, as this meme coin has a history of being frequently mentioned in Elon Musk’s tweets. In the past, the price of DOGE often sharply increased when Musk said something about this crypto token.
Elon Musk and the “Everything App”
The launch plans for the crypto wallet could help Musk expand the platform into other financial services involving cryptocurrencies. This would come along with the stock market ecosystem that the billionaire wants to create within the platform. Previously, during the announcement of the rebranding of X as Twitter in 2023, he revealed plans to bring the financial markets ecosystem.
Previously, it was reported that the payment company PayPal had launched its own stablecoin called PYUSD. At that time, there was speculation that the stablecoin, which is pegged to the US dollar, would be integrated with X payments.
