X (formerly Twitter) has successfully obtained the necessary license, known as the Rhode Island Currency Transmitter License, which was granted on 28 August, as indicated on the National Mortgage Licensing System (NMLS). This license is a prerequisite for offering services related to virtual assets on behalf of users. Consequently, the popular social media platform will now be able to facilitate the storage, transfer, and exchange of digital assets for its large user base.
The Rhode Island license empowers Twitter to have oversight and control over virtual currency and its transactions on behalf of other individuals. This license encompasses various providers of crypto-related services, such as crypto exchanges, wallets, and payment processors.
As part of its ongoing efforts to embrace cryptocurrencies, Twitter recently introduced the feature of Bitcoin tips on its platform. Additionally, support has been extended to allow users to display NFTs as their profile pictures.
Under the leadership of Elon Musk, Twitter is undergoing significant transformations. Elon Musk has expressed his vision of transforming Twitter into a comprehensive “everything app.”