Get a crypto license: Elon Musk’s X pushes crypto payments forward

• Cryptocurrencies can now be stored, transferred and exchanged on X
• Payment functions as a building block for the “app for everything”
• Huge potential for cryptocurrencies to spread

The restructuring of the social media platform X, previously known as Twitter, is progressing. The company of Elon Musk has now received approval from the US state of Rhode Island to manage digital assets and cryptocurrencies on the platform. This allows digital assets to be stored, transferred and exchanged. The subsidiary Twitter Payment LCC has also received approval to offer remittance services and payment instruments in the US states of Michigan, New Hampshire and Missouri.

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“App for everything”: Impact on the crypto landscape

The Tesla boss had denied the launch of his own cryptocurrency, such as an X token, in the past, but the multi-billionaire’s favorite coin could benefit from setting up a payment function on the X platform: Dogecoin. It wouldn’t be surprising if the meme coin became a means of payment on the platform, especially since the Twitter bird had to give way to Dogecoin’s dog logo for a short time at the beginning of July.

But the largest cryptocurrencies in terms of market capitalization, Bitcoin and Ethereum, could also be eligible for a crypto payment function on X in the future. This makes it clear how far-reaching the importance of these licenses could be. Coincierge writes: “Rhode Island’s granting of the Currency Transmission License to It enables X to offer a variety of services related to digital assets, including their storage, transfer and exchange on behalf of its users. Given the enormous user base of around 400 million people worldwide, X is in a position to make access to cryptocurrencies much easier for the general public and also to attract new users to the platform. This could in turn strengthen trust in cryptocurrencies and ultimately promote widespread acceptance among consumers and companies. Ultimately, such a widespread introduction of cyber currencies could also have an impact on regulatory measures. Whether and how cryptocurrencies will be integrated into Platform X in the future remains to be seen.

Editorial team finanzen.net

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