Twitter, or X as it is now known, has received the Rhode Island Currency Transmission License, which is required for cryptocurrency trading in the state.
The license may allow Twitter to provide virtual currency-related services on behalf of its users, such as the storage, transfer and exchange of digital assets.
According to the Rhode Island Department of Business Regulatory, any person or entity that “maintains control of virtual currency or transactions in virtual currency on behalf of others” requires a currency transfer license obtained by Twitter. This includes cryptocurrency wallets, exchanges, and payment processors that have custody of the funds in the wallets.
Twitter has been aiming to become a payment company lately. The company has also expanded its involvement in the cryptocurrency space in the past.
It has partnered with Strike, a Bitcoin payment app, to enable them to send and receive Bitcoin tips, and has also added support for displaying Bitcoin and Ethereum addresses in user profiles.
Recently, it was rumored that Musk wanted to turn X into a kind of modern PayPal.
*Not investment advice.