The social networking platform X, formerly known as Twitter*, has received a license to make and trade cryptocurrency payments in the United States.
According to NMLS, the Rhode Island money transfer license was approved on August 28. It is required to provide services related to virtual assets on behalf of users.
This will allow the social networking platform to store, transfer and exchange digital assets for its huge user base.
The Rhode Island license grants the right to exercise control over virtual currency and its transactions on behalf of others. The license holder interacts with cryptocurrency-related service providers, namely cryptocurrency exchanges, wallets and payment systems.
The social network previously introduced a bitcoin tip option to reward content creators, and also added support for setting NFT as a profile picture.
The platform has been undergoing huge changes since it was acquired by Ilon Musk. The billionaire has stated that he wants to turn Twitter into an “app for everything”.