Twitter, formerly known as X, has acquired the required license to add crypto payments and trading in the US. The Rhode Island Currency Transmitter License was approved to X on August 28, according to data displayed on NMLS.
This development comes as Twitter has been exploring ways to integrate cryptocurrency into its platform. In May, the company announced that it was hiring a crypto product lead. And in July, it was reported that Twitter was considering allowing users to tip each other with Bitcoin.
The addition of crypto payments to Twitter could have a number of implications. For one, it could make it easier for users to send and receive money on the platform. It could also open up new opportunities for businesses to accept payments from Twitter users. And it could further legitimize the use of cryptocurrency as a mainstream payment method.
It remains to be seen how Twitter will implement crypto payments. But the acquisition of the required license is a significant step forward, and it suggests that the company is serious about making this a reality.
Here are some of the potential benefits of Twitter adding crypto payments:
- It could make it easier for users to send and receive money on the platform.
- It could open up new opportunities for businesses to accept payments from Twitter users.
- It could further legitimize the use of cryptocurrency as a mainstream payment method.
Here are some of the potential challenges of Twitter adding crypto payments:
- Security: Cryptocurrencies are a relatively new and untested technology, and there are concerns about their security.
- Regulation: Cryptocurrencies are regulated differently in different jurisdictions, and Twitter would need to comply with all applicable regulations.
- Adoption: There is still a relatively low level of adoption of cryptocurrencies, and it is not clear how many Twitter users would actually use this feature.
Overall, the addition of crypto payments to Twitter could be a major step forward for the cryptocurrency industry.