Twitter, Business

X (Twitter) Joins the Crypto Revolution: Grabs Essential License for Virtual Currency

X Twitter

Regulators in Rhode Island have officially granted a forex transmitter license to X, in the past recognized as Twitter. The revelation is according to statistics disclosed on the Nationwide Multistate Licensing System (NMLS) dated August 28.

The go marks a vast stride in the company’s expansion into the economic offerings sector, specifically in the realm of digital assets.

X (Twitter) can now conduct crypto activities

A currency transmitter license is a felony requirement for agencies wishing to behave in any activities related to cryptocurrencies on behalf of their users. The license lets X store, transfer, and alternate digital currencies. It also allows it to provide a complete variety of services related to crypto assets.

Rhode Island’s granting of this license provides X to a listing of entities such as cryptocurrency exchanges, digital wallets, and charge processors, all of which are now legally allowed to maintain management of virtual foreign money transactions on behalf of others. It’s well worth noting that this license is unique to Rhode Island, one of the 50 US states.

X Twitter
Source: Unsplash

On July 23, Twitter’s owner, Elon Musk, introduced a rebranding of the company’s emblem to “X.” He mentioned that the Twitter brand and its chicken icon would be phased out gradually. The platform officially transitioned to the new emblem a day later. This cross additionally sets Musk and his vision of making X into a whole thing app on the right track.

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