Rhode Island Grants Twitter Currency Transmitter License, Advancing its Financial Services Expansion
Summary:
Rhode Island grants Twitter a currency transmitter license, allowing the company to engage in financial activities involving digital currencies. This move aligns with Elon Musk's vision to transform Twitter into an all-inclusive app supporting crypto and fiat payments. Details of Twitter's payment offerings and potential crypto integration remain undisclosed.
Rhode Island has granted Twitter a currency transmitter license, allowing the company to engage in financial activities involving the transfer of both fiat and crypto assets. This approval gives Twitter the ability to store, transfer, and trade digital currencies. The license was approved on August 28 and is one of seven licenses held by Twitter for money and currency transmission. This move aligns with Elon Musk's vision to transform Twitter into an all-inclusive app that supports crypto and fiat payments. While initial reports suggest that the upcoming payments feature will only support fiat currencies, Musk has instructed developers to design the system so that crypto functionality can be incorporated in the future. This approval in Rhode Island adds to the licenses previously obtained in Michigan, Missouri, and New Hampshire. The specific details of Twitter's payment offerings and potential integration of crypto remain undisclosed at this time.
Published At
8/30/2023 12:56:37 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.