Rhode Island regulators have given the green light to X (Twitter) by awarding it a currency transmitter license. This is a significant milestone for the company as it ventures into the financial services world.
This license is a legal necessity for firms that handle money transfers on behalf of customers, covering both traditional money and cryptocurrencies. The license will enable X to hold, move, and exchange digital currencies.
The Nationwide Multi-State Licensing System (NMLS) confirmed that X's Rhode Island license was approved on August 28. Overall, X has secured seven such licenses across the United States.
This development is part of Elon Musk's broader vision to transform X into an "everything app," complete with both crypto and fiat payment capabilities. Although insiders say that X will initially only support
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First found on: X Secures Currency Transmitter License: Musk's Multi-Function App Vision Gains Momentum
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