X, former Twitter, platform is on its way to transforming social media into a financial super app. With the latest license approved in Rhode Island, X can provide financial services in seven US states
According to the data from the Nationwide Mortgage Licensing System (NMLS) website, Twitter Payments LLC, a fintech subsidiary of X Corp, received a “Currency Transmitter” license in Rhode Island, United States on Monday.
The license enables the company to conduct a wide range of transactions, including those related to cryptocurrency transfer. This type of authorization is required by crypto exchanges, crypto wallets, and payment processors. Namely, this license will enable X to store, transfer, and exchange digital currencies on behalf of its users.
During a few recent months, X has received payment licenses in seven US states, which include Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire and now Rhode Island.
Although the social media company, owned by Elon Musk, has been serving as a fiat money transmitter in the country for years, the platform had no support for crypto settlements until now. The range of its payment services was limited to tipping creators and charging subscription fees.
Mr Musk, who has continuously expressed his interest in crypto, plans to turn ex-Twitter into a super app with multiple functions. The billionaire has pondered using the expertise from his first business, Paypal, to create the new payment infrastructure for Twitter, with connected debit cards and bank accounts.
As he stated before the Twitter purchase, “I think a new social media company is needed that is based on a blockchain and includes payments.”
