TechFlow news — According to the NMLS website, social media platform X (formerly Twitter) obtained a Rhode Island Money Transmitter License on August 28. This license will allow X to offer virtual asset-related services—such as storing, transferring, and trading digital assets—to its vast user base.
The Rhode Island license authorizes holders to control and trade virtual currencies on behalf of others. Such licenses are typically granted to businesses providing cryptocurrency-related services, including cryptocurrency exchanges, wallets, and payment processors.
Previously, X has taken significant steps toward entering the cryptocurrency space, such as adding a Bitcoin tipping feature to the platform. It also allows users to set NFTs as their profile pictures.
Since Elon Musk acquired X, the social media platform has been undergoing major transformations. Musk has expressed his vision to turn X into an "everything app."
