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Elon Musk’s X Can Now Help You Trade Your Crypto

Last Updated August 30, 2023 2:24 PM
Omar Elorfaly
Last Updated August 30, 2023 2:24 PM

Key Takeaways

  • Rhode Island regulators granted a currency transmitter license to X
  • Elon Musk aims to create a new PayPal.
  • Elon Musk is on a steady course toward developing the “everything app”

According to the Nationwide Multistate Licensing System (NMLS), social media platform X, formerly known as Twitter, received a currency transmitter license  from regulators in Rhode Island.

Sources at the US Securities and Exchange Commission revealed that Elon Musk, the tech billionaire leading X, had already been in talks with Wall Street executives about creating the “updated version of PayPal”.

X: The Everything App

Musk’s plans for his companies, including Tesla, SpaceX, and X all fall under his plan of creating a comprehensive X Corp . Signs of Musk’s dedication to the ‘X’ brand can be seen in rebranding activity across all of his companies. 

One of Tesla’s prominent products is the Model X car, now a leading electric vehicle. The tech billionaire also incorporated ‘X’ into his aerospace company SpaceX’s name.

Moreover, Musk shocked the world by rebranding Twitter, a household name in the social media space to X, which he also capitalized on by including Dogecoin, his crypto token of choice in the branding announcement. Finally, Musk’s obsession with the letter X led him to include it in his own son’s name, X Æ A-Xii.

“You basically live on WeChat in China. If we can re-create that with Twitter, we’ll be a great success,” he reportedly told  Twitter staff last year.

WeChat, a popular app in China created by tech giant Tencent, has been an inspiration for Musk and his X Corp. It lets users exchange encrypted messages, commence online commerce, and even access media, including news and videos.

X Crypto Exchange

X/Twitter receives official licensing to allow trading in crypto
Nationwide Multistate Licensing System (NMLS) grants Elon Musk’s X a license to trade crypto

Obtaining a currency transmitter license in Rhode Island authorizes X to store, transfer, and exchange digital currencies, alongside a wide array of related services.

This registration also places X on the roster of legal cryptocurrency exchanges, digital wallets, and payment processors overseeing virtual currency transactions.

This move strengthens Musk’s X mission. The platform introduced payouts for popular creators, sparking mixed user reviews. Payouts require content creators to be premium members via X’s verified user model.

Musk’s goal is to expand the platform’s reach by offering more services. With its licensed digital asset trading, X could attract users less drawn to the social side.

Moreover, Elon Musk’s favorite crypto token, Dogecoin, is likely to gain a boost as Musk used to give it preferential treatment by promoting it on his personal profile and by permitting the token for payment to his flagship company Tesla’s website.

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