X received the Rhode Island Currency Transmission License to provide crypto services.
X is a popular social media platform & probably doesn’t require any kind of introduction for the majority of the population in this world. This platform was founded by Jack Dorsey, Noah Glass, Biz Stone, & Evan Williams in 2007 under the name Twitter. In late 2022, Tesla CEO Elon Musk acquired Twitter for $44.4 billion and later merged with X Holdings.
On 29 Aug 2023, X received a Rhode Island Currency Transmission License to provide crypto services to the customers.
This licence will allow this giant social media firm to provide crypto trading, investing,& transfer services.
With this licence, X can operate currency transfer services within the states.
Here this is not the first time that X (Twitter) has shown interest in the crypto sector, also a couple of years back partnered with Bitcoin lightning network powered payment service Strike to allow X users to tip their favourite creators in Ethereum & Bitcoin.
Following this latest news, the trade price of the majority of the crypto assets surged rapidly.
The current trade price of Bitcoin (BTC) surged 5.59% within 1 hour (updated price at the time of publication).
In the same period, the trade price of X owner’s favourite Cryptocurrency Dogecoin (Doge) surged by 2.58%.
Tesla, SpaceX, & Bitcoin
From 2020 to 2021 Elon Musk’s companies SpaceX & Tesla purchased huge amounts of Bitcoins.
In 2021, Tesla sold more than half of the purchased Bitcoin holdings under the influence of Musk.
As per the latest reports, SpaceX sold all of its Bitcoin holdings.
At present, Musk’s companies are holding only a net $184 million worth of Bitcoins. This is enough to understand the degrading interest of Musk in the crypto sector.