CryptoEconomy

X Obtains Regulatory Approval To Deal in Crypto Transactions-TGN

Social media giant X, still reffered to many as Twitter, has obtained the regulatory green light to introduce cryptocurrency payments for its users. X’s intent to integrate crypto solutions into its platform are well known, and the company is well-equipped to advance its goals thanks to an eToro partnership that was announced in April.

Rhode Island Currency Transmission License Granted to X

X has successfully secured the Rhode Island Currency Transmission License, a required regulatory authorization for the storage, transfer, and trading of digital currencies. This license essentially validates all crypto activities that involve safekeeping funds within a wallet.

Backed by the recent approval, X’s extensive user base of 400 million individuals should soon be able to interact with each other using cryptocurrencies. However, it’s crucial to note that regulatory standards vary from country to country, so users in crypto-unfriendly nations may be left out.

Also, the crypto landscape already hosts a plethora of brokers, wallets, and platforms, making X’s offering less revolutionary in nature, although perhaps it does mark an evolutionary step forward.

X’s Progress Towards the “Everything App”

Musk has flirted with the idea transforming the social media platform into an “everything app.” For X to genuinely morph into an “everything app,” the implied scope of its name, it must enable the full spectrum of crypto-related activities on a single consolidated platform.

Nevertheless, a compelling use case for executing crypto transactions on X exists, such as the ability to tip content creators for their exceptional contributions, or to allow content creators to sell exclusive content in a seamless fashion.

This facet can be perceived as a value-added service, enhancing the incentivization for content creators to receive more equitable compensation for their dedicated efforts.

 

 

 

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