X (Twitter) Gets License for Crypto Wallet Services in One U.S State

• The platform may now legally provide crypto wallet services in Rhode Island.
• It’s interesting to speculate how DOGE will fit in with the Twitter crypto wallet ambitions.

X (twitter), the social media network owned by Elon Musk has been granted permission to provide crypto wallet services in one US state. A recent filing indicated that the firm has been issued a Currency Transmission License by the state of Rhode Island.

The platform may now legally provide crypto wallet services after receiving a license in Rhode Island. The ability to store, transfer, and receive other cryptocurrencies is a potentially game-changing addition to X’s payments infrastructure.

Financial Markets Ecosystem

Expanding the crypto market to include more consumers, this action would also help promote cryptocurrency to a wider audience. Musk’s regular tweet related to Dogecoin is well known to all, so it’s interesting to speculate how the memecoin will fit in with the Twitter crypto wallet ambitions.

Musk may be able to use the success of the crypto wallet launch to provide further cryptocurrency-related financial services to the platform. This is in addition to Musk’s plan to include a financial market ecosystem within the platform. During Twitter’s X rebranding announcement in 2023, he had previously announced ambitions to include the financial markets ecosystem.

The payment processing corporation PayPal had recently introduced its own stablecoin called PYUSD. Also, there was talk at the time that the dollar-backed stablecoin may integrate with the X platform.

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