Elon Musk’s X Obtains Required License for Crypto Payments
Elon Musk has obtained the necessary licenses to operate X as a payment hub or a cryptocurrency-friendly place in the United States. The licenses, specifically the “Money Transmitter License,” allow X to store, transfer, and exchange digital assets on behalf of its users. However, it is still uncertain if X will provide cryptocurrency-related services. Musk has stated that X will not launch its own crypto token due to misleading promotions of tokens with similar names.
Key Points:
– X, formerly Twitter, is becoming an “everything app” with multiple functionalities, including a payment hub processor integrated with the social network.
– Rhode Island has approved the “Currency Transmitter” license for X’s payment branch, allowing it to provide crypto-related services.
– Musk’s largest company, Tesla, reportedly holds 10,725 Bitcoin on its balance sheets.
– Musk has shown public support for Dogecoin, which has the potential to positively affect its price.
Hot Take: While X has obtained the necessary licenses for crypto payments, it remains to be seen if it will actually provide cryptocurrency-related services. Musk’s support for Dogecoin could have a significant impact on its price, and the large amount of Bitcoin held by Tesla showcases Musk’s interest in the crypto space.
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