Elon Musk’s X Bags Rhode Island License, Eyes Broader Financial Play

Rhode Island regulators have approved a currency transmitter license for Elon Musk’s X, formerly known as Twitter. This authorization enables companies to facilitate financial transactions on behalf of their users, encompassing both traditional and digital currencies. Consequently, X can now manage, transfer, and swap digital assets.

Official records from the Nationwide Multi-State Licensing System (NMLS) show that X received the Rhode Island Currency Transmitter License on Aug. 28.

This achievement aligns with Elon Musk’s vision of transforming X into a comprehensive application, encapsulating both digital and traditional payment methods. Although insiders hint at X’s imminent payment feature focusing solely on fiat currencies, Musk’s directive to the development team emphasizes creating a system that’s crypto-ready for future integrations.

Interestingly, this recent approval follows X’s earlier success in securing similar licenses in Michigan, Missouri, and New Hampshire on July 5. With Rhode Island on board, X can now boast currency transmitter licenses in seven US states.

However, there’s still some uncertainty regarding the exact range of financial services X will introduce when its payment features become active. Sources in the loop propose that X is eyeing an initial launch with fiat transaction services, mirroring platforms like PayPal – a venture co-founded by Musk. Nevertheless, the infrastructure will be primed for subsequent digital currency inclusion.