Acquiring licenses in multiple states, X can now start processing payments in crypto as well as fiat currencies, pushing it a step further into Musk’s plans of turning it into an “everything app”
Elon Musk’s ‘X’ has recently acquired a currency transmitter license from yet another US state named ‘Rhode Island’, thus further strengthening Musk plans of converting what once was a simple social media or micro-blogging platform into an ‘everything app’, which also processes payments alongside touching a ton of other sectors..
Having already acquired currency transmitter licenses in Michigan, Missouri, and New Hampshire, X now has rights to facilitate custody, transfer, and exchange of digital/crypto or even fiat currencies.
Musk, who initiated a major rebrand, changing Twitter into ‘X’, said that the platform is being envisioned to be one that lets users communicate, share, and also process payments. China and even other Southeast Asian markets already have a bunch of these super successful ‘everything’ or ‘super’ apps, but the western markets are yet to experience such apps.
According to a CoinTelegraph report, X might only allow fiat payments initially, only moving to cryptocurrencies in the later part of its project.
X or formerly Twitter, ever since its acquisition has received small or large features that pointed towards the introduction of crypto or digital payments. One such example is the introduction of stocks and crypto charts that pop up during searches, allowing viewers to see real time market prices while scrolling through the platform.
News of ‘X’ entering into crypto payments has been positive for Musk’s all time favorite ‘doge coin’, which has noticed a 3% increase in value.