September 1, 2023
By Anjali Kochaar
In a groundbreaking development, X, formerly known as Twitter, has successfully secured the Rhode Island Currency Transmission License, a significant milestone that paves the way for the integration of crypto trading services on its platform. With this move, X stands to introduce over 400 million users worldwide to the realm of cryptocurrency trading.
The issuance of the Rhode Island Currency Transmission License is a crucial step for X, as it enables the platform to engage in storing, transferring, and trading various digital assets, extending its functionalities beyond traditional social media. This license is applicable to a wide spectrum of crypto entities, encompassing cryptocurrency wallets, exchanges, and payment processors that hold custody of funds within wallets.
X’s foray into the crypto industry gained momentum earlier when it innovatively integrated Non-Fungible Tokens (NFTs) into user profile pictures, capturing attention and interest across the digital landscape. The acquisition of the Rhode Island Currency Transmission License Underscores X’s commitment to spearheading innovative technologies and expanding its influence in the burgeoning cryptocurrency space.
This strategic move follows closely on the heels of Grayscale’s recent victory against the US Securities and Exchange Commission, lending further legitimacy to the evolving crypto landscape. X’s evolution from Twitter to a crypto-centric platform signifies an exciting chapter in the crypto saga, poised to reshape the digital economy.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
