X Obtains License For Cryptocurrency Payments
The Rhode Island Currency Transmission License, essential for cryptocurrency trading in the state, has been granted to Twitter, or X as it is currently known.
The license might enable Twitter to offer virtual currency-related services, like the storing, transferring, and exchanging of digital assets, on behalf of its users.
Any individual or organization who “maintains control of virtual currency or transactions in virtual currency on behalf of others” is required to have a currency transfer license, according to the Rhode Island Department of Business Regulatory. Included in this are cryptocurrency wallets, exchanges, and payment gateways that are in charge of the wallets’ contents’ money.
Recently, Twitter has been trying to expand into the payments industry. The corporation has previously increased its involvement in the bitcoin industry.
To enable them to send and receive Bitcoin tips, it has partnered with the Bitcoin payment software Strike. It has also enabled support for showing Bitcoin and Ethereum addresses on user profiles.
(With inputs from Shikha Singh)
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