X (formerly known as Twitter) has taken a step further towards cryptocurrency...

Bail003

"The regulatory authority in the state of Rhode Island has granted a money transmission license to X (formerly known as Twitter), marking another significant step forward for the company's foray into the financial services domain.

Companies engaged in financial activities related to sending and receiving funds on behalf of users are legally required to obtain a license, encompassing both fiat and cryptocurrency assets. This approval will allow X to custody, transfer, and exchange digital currencies.

According to data from the Nationwide Multistate Licensing System (NMLS), X's Rhode Island money transmission license was approved on August 28.

This move signifies a significant stride in Elon Musk's push to position X as an ""everything app,"" encompassing both cryptocurrency and traditional payments. While sources indicate that the forthcoming payment feature by X will initially support fiat currency, reports suggest that Musk has instructed the platform's developers to build the payment system with the potential to incorporate cryptocurrency functionality in the future.

This approval follows X's recent acquisition of money transmission licenses in Michigan, Missouri, and New Hampshire, all of which were granted on July 5. The company now holds licenses in a total of seven U.S. states.

The specific range of financial products that X will offer when introducing its payment functionality is not yet clear. Insiders familiar with the company's plans indicate that X will initially provide fiat currency transaction services similar to PayPal, co-founded by Musk, while leaving room for potential integration of cryptocurrencies in the future."

Ritu13

How much money does Musk actually have?