Elon Musk continues to secure state licenses to cement a role in the payments space for X.
In a Monday filing, the tech billionaire’s social media platform secured the Rhode Island Currency Transmission License, which is crucial for offering such services within the state., confirmed by the Nationwide Multistate Licensing System , comes after X began applying for money transmitter licenses in every required U.S. state last month.
In the United States, money transmitters are a subcategory of money services businesses and help facilitate fund transfers between disparate locations and across international borders. As peer-to-peer payment technology, cryptocurrencies like Bitcoin and Ethereum are known for being open, permissionless, and borderless payment systems. They’re also a point of casual interest for Elon Musk, who occasionally remarks about the industry and playfullySpecifically, a currency transmission license is required for offering crypto wallet services, which allow users to store, send, and receive digital assets.
It would also expand on a growing trend of communications platforms integrating with crypto payment technology, and vice versa. Telegram, for instance, has integrated seamless Bitcoin and USDT payments directly into its messaging app, whileLike so many Elon Musk-related events, Dogecoin rose 5% to $0.067 at roughly the time that the filing surfaced.
Shortly after announcing X, Musk subtly added the Dogecoin logo to his Twitter bio, after hiring a graphic designer from MyDoge Inc to create a short video graphic for the platform.its lawsuit against the SEC, which sent the crypto market rising across the board.
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