Elon Musk’s X moves closer to crypto payments with new state license

Rhode Island’s regulators have granted X (Twitter) a currency transmitter license marking a step forward for the company’s foray into the financial services sector. 

The license is legally required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and crypto assets. The approval will allow for X to custody, transfer and exchange digital currencies.  

X’s Rhode Island Currency Transmitter License was approved on Aug. 28

It remains unclear exactly what financial offerings will be made available if and when X rolls out payment features.

People familiar with the company’s plans have indicated X will initially offer fiat currency transaction services similar to PayPal — which Musk co-founded — with room for future crypto integration.

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