Elon Musk’s social media platform X, formerly known as Twitter, has been granted money transmission licenses in seven U.S. states, most recently in Rhode Island, CoinDesk reported.
While Rhode Island’s license allows for processing cryptocurrency payments, it also applies to a wider range of payment providers like PayPal or Venmo.
Since June, X has received money transmission licenses from states including Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire, indicating that the tech billionaire may be planning to support nationwide payment processing similar to Venmo or PayPal. The Rhode Island license is essential not only to allow payments, but also to provide crypto services.