Elon Musk X has taken another step towards integrating cryptocurrency payments. Rhode Island regulators approved the Company’s application for a license to conduct foreign exchange transactions. This approval is an important step in X’s attempt to enter the US financial sector.
This license is required for companies that perform financial transactions related to sending and receiving funds – including fiat and cryptocurrency assets – on behalf of users. This permission allows X to store, transfer and exchange digital currencies. Rhode Island’s foreign exchange license was approved on Aug. 28, according to the Nationwide Licensing System (NMLS).
The move underscores Musk’s ambition to turn X into a universal app that allows payments in fiat and digital currencies. Although sources say that the new payment feature from
X’s Rhode Island financial approval follows the Company’s July 5 receipt of foreign exchange licenses in Michigan, Missouri and New Hampshire. X has already received licenses in seven US states. However, it is not yet clear which financial services will be offered to users and when X will introduce the new functionality.