Elon Musk and crypto have trended for months, but a new license for X could mean the firm could start crypto payments soon, according to Musk’s plans.
Social media has seen the subject of Elon Musk and crypto generating significant interest in recent years. Musk had also revealed his plans to introduce crypto payments through social media. It could soon be a reality now, with X acquiring a currency transmitter license recently.
The currency transmitter license is essential for firms enabling financial activities. It covers both fiat and digital assets. Rhode Island regulators granted the approval for X. The license could become the key catalyst for the company’s crypto strategy going into the future.
The Nationwide Multi-State Licensing System (NMLS) stated X received the license on August 28.
Earlier, X had also acquired money transmitter licenses in multiple states. Michigan, New Hampshire, and Missouri had granted the licenses to X. The latest license will be a gateway for X in the custody, exchange, and transfer of digital assets.
Elon Musk’s plans of converting X into a provider of financial services align with the license. He had earlier issued instructions to developers at X for its crypto strategy. He had advised them to build its payment system so that crypto could be added to it.
Currently, it is still unclear what financial offerings will be offered by X. It may roll out fiat payment services initially and introduce crypto payments later.