This license is required to provide services related to digital assets on behalf of users.
Social media platform X, formerly known as Twitter, obtained the necessary license for cryptocurrency payments and trading in the US.
The currency transmitter license Rhode Island was approved for Twitter, current “X” on August 28. This license is required to provide services related to digital assets on behalf of users. It will enable the social media platform to store, transfer and exchange digital assets for its huge user base.
The license of Rhode Island grants access to maintain control of the virtual currency and its transactions on behalf of others. This license holder includes different Service providers related to cryptocurrencies, such as cryptocurrency exchanges, wallets and payment processors.
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Twitter’s link to cryptocurrencies
The company has already dabbled in the industry in the past. For example, he was associated with Strike a Bitcoin payment app, to allow them to send and receive BTC tips.
Support for displaying Bitcoin and Ethereum addresses in user profiles has also been added. On the other hand, the CEO, Elon Musk, is known to be a cryptocurrency enthusiast supporting Bitcoin, Ethereum and Dogecoin. However, in the middle of this month it became known that SpaceX, his own company, sold the $373 million worth of Bitcoin.
Source: Ambito
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