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X obtains money transfer license in Rhode Island, Musk pays big dreams and wins again

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X obtains money transfer license in Rhode Island, Musk pays big dreams and wins again

X has obtained the Currency Transmitter License from Rhode Island. Currently, X has secured licenses in seven states through Twitter Payments LLC, making Musk's Super App payment dream one step closer!

X Obtains Money Transmission Licenses in Seven States

X's Twitter has applied for a Money Services Business (MSB) license last year and is now in the process of obtaining licenses from various states in the U.S. According to regulatory websites, X has currently secured licenses from seven states, including Arizona, Georgia, Maryland, Michigan, Missouri, New Hampshire, and Rhode Island.

The license scope in Rhode Island covers traditional wire transfers such as Western Union, electronic payment transfers like PayPal, and activities related to cryptocurrencies such as cryptocurrency wallets and exchanges which also require licensing.

X's Payment Ambitions

Last week, Fox Business Network reporter Charles Gasparino posted on X that Musk "continues to hold discussions with Wall Street executives about the future of X," which seems to be related to a new payment system that will offer lower transaction costs compared to credit cards and monetize user data.

As previously reported, X's original Twitter has applied for payment regulatory licenses in the U.S., allowing Twitter to launch a new business and establish Twitter Payments LLC payment company in 2022 to pave the way for payments. Musk has also expressed hopes that Twitter can provide fintech services, including peer-to-peer transactions, deposit accounts, and debit cards.

However, obtaining money transmission licenses in all 49 U.S. states, as compared to PayPal's 67 licenses in various fields including financing and lending, requires a significant amount of time and money just for licensing applications. It seems that this payment dream still has a long way to go.

Related to Cryptocurrency? Will X Issue Coins?

After obtaining the licenses, will X engage in traditional payment businesses or be involved in cryptocurrency-related activities? As mentioned in previous reports, cryptocurrency payments are currently facilitated through many third-party payment processors, and if there are cryptocurrency payments, it will likely be just one of the many options among various payment methods, with a higher chance of being handled by other payment processors.

As for the most pressing concern in the community about issuing coins, Musk himself has reiterated:

And we never will. Absolutely not!