X (Twitter) Officially Gets Virtual Currency License

Officially, X, which used to be called Twitter, now has a license to transfer money in Rhode Island. The information came from the Nationwide Multistate Licensing System (NMLS), updated on August 28. This is a big step for the company’s growth in the financial services industry, especially in digital assets.

Twitter X can now make crypto transactions

A currency handler license is required by law for businesses that want to do anything involving coins for their customers. The permit gives X the right to keep, move, and trade digital money. It also lets it offer a wide range of services related to crypto assets.

By giving this license, Rhode Island adds X to a list of organizations like cryptocurrency exchanges, digital wallets, and payment processors that can now legally handle virtual currency deals for other people. This license is only valid in Rhode Island, one of the 50 US states.

On July 23, Elon Musk, who owns Twitter, said that the company’s name would be changed to “X.” He said the Twitter name and bird icon would be taken out over time. The website switched to the new image officially the next day. This is also a step in the right direction for Musk and his plan to make X an app for everything.