The Rhode Island Currency Transmission License, required for trading #cryptocurrency assets, was granted to X, previously Twitter.
X, the largest social media site, will make cryptocurrency trading accessible to more than 400 million members globally.
After the platform's integration of NFTs into profile photographs, X initially made ripples in the cryptocurrency sector.
On August 29, Grayscale defeated the US Securities and Exchange Commission (SEC), and as a result, Twitter now has the authorizations required to accept cryptocurrency payments from its users. With the adoption of NFTs as profile images in January 2022, this action was taken.
#ElonMusk 's X, formerly Twitter, has obtained the required authorization to join the group of cryptocurrency payment service providers. Months after declaring plans to incorporate cryptocurrency trading into the site, the social media behemoth this week got the Rhode Island Currency Transmission License.
All types of crypto organisations, including cryptocurrency wallets, exchanges, and payment processors that keep track of the money in the wallets, are required to have this licence in order to store, move, and trade digital assets.
Elon Musk finally realises his love for cryptocurrency
More than 400 million platform users may now immediately access cryptocurrency trading thanks to the platform's acquisition of the licence. This would dramatically accelerate the adoption of cryptocurrencies, especially given that governments all over the world are beginning to accept the new form of money.
Elon Musk and cryptocurrencies have been linked since 2021, when the founder of Twitter initially backed Bitcoin and Dogecoin. His ambitions to turn the website into a complete financial services platform have included the integration of cryptocurrency ever since he purchased Twitter and up until this point.
The integration of #NFTs by Twitter was the major action taken prior to receiving the crypto trading licence. By the purchase of Twitter Blue, the connection allowed users to display their distinctive Non-Fungible Tokens as their profile image, generating considerable money.
