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Elon Musk’s Twitter Gets Crypto Payments License

Elon Musk's Twitter Gets Crypto Payments License

Elon Musk, as the owner of Twitter, now X, is one step closer to his goal of turning the massive social media platform into an all-in-one app. The multi-billionaire has owned Twitter since October 2022 and wants to add several functionalities to the platform, including a payment service for digital assets.

This type of service requires the necessary licenses in the United States (USA). On August 28, Twitter Payments LLC, the finance division of X, received a new license covering crypto payments.

Crypto Related License for Twitter (X)

Twitter has already received seven payment processing licenses since July 2023. The permits cover the US states of Arizona, Georgia, Maryland, Michigan, Missouri, New Hampshire and now Rhode Island.

Rhode Island is according to it Nationwide multi-state licensing system and registry (NMLS) the first state in the US to adopt a so-called “Currency Transmitter Licenseissued to Twitter. This permit grants Twitter permission to store, trade and exchange cryptocurrencies.

In the six other states where Twitter has already received licenses, it is a “Money transmitter licensewhich mainly focuses on fiat money payments. Both licenses are often requested by financial service providers such as crypto exchanges and payment processors.

Elon Musk is a big proponent of crypto

Twitter now has 450 million users, many of whom are eagerly waiting for crypto payments to be approved. Musk has regularly announced via Twitter that he is a big fan of the popular meme coin Dogecoin (DOGE). youngest wrote Musk said that Twitter is a friendly place for both dogs and DOGE.

Since the beginning of 2022, payments with DOGE can be made in the merchandise shop of Elon Musk’s largest company: Tesla. That Elon Musk is an undisputed advocate of digitizing our current financial ecosystem is also shown by the fact that Tesla owns 10,725 Bitcoin (BTC) worth almost $300 million.

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