Twitter Gains License for Crypto Payments in the US
Twitter, referred to as X, has successfully obtained the Rhode Island Currency Transmitter Licence, allowing it to offer cryptocurrency payment and trading services in the United States.
The licence, granted on August 28, enables Twitter to manage, transfer, and exchange digital assets for its extensive user community. It is essential for offering virtual asset-related services on behalf of users.
The Rhode Island licence grants authority to oversee virtual currency transactions on behalf of others, covering various crypto-related services like exchanges, wallets, and payment processors.
This regulatory approval follows Twitter’s integration of NFTs and Elon Musk’s public support for cryptocurrencies. Elon Musk, Twitter’s owner, has been actively involved in promoting Bitcoin and Dogecoin on the platform since 2021.
Before obtaining the cryptocurrency trading licence, Twitter integrated NFTs, allowing users to showcase their NFTs as profile pictures through Twitter Blue subscription, resulting in significant revenue generation.
With this licence, Twitter’s 400 million users can potentially access crypto trading in the future, contributing to increased crypto adoption as governments worldwide embrace this evolving form of currency.
