Social media titan X, once known as Twitter, has secured a crucial license in Rhode Island, intensifying its push into the world of cryptocurrency. This move brings blockchain-based transactions a step closer to the platform's vast user base.

According to CoinTelegraph, the approval comes almost two months after X got hold of money transmitter licenses in Michigan, Missouri, and New Hampshire. All of these permits were acquired on July 5. To date, X was able to acquire transmitter licenses in seven states in the U.S.

The latest license was granted on Aug. 28 from the regulators in Rhode Island. The officials in this state approved the San Francisco-based social media company's application for a currency transmitter license. This development effectively advanced X's foray into the financial services industry and brought it a step closer to its goal of becoming a crypto-friendly platform.

The Nationwide Multi-State Licensing System (NMLS) revealed the new license issued to X. Its report stated that Elon Musk's social networking service would add crypto and fiat payments.

Bitcoinist reported that as indicated in the records of NMLS, X secured a Currency Transmitter License (CTL), which is generally required from companies like digital wallet providers, crypto exchanges, and payment processors. This type of license guarantees that the holders abide by the relevant regulations. This also assures companies to comply with anti-money laundering (AML) laws and know-your-customer (KYC) procedures to avoid illegal activities.

With the new license, X can integrate crypto payments into its site. This will allow the company to offer various services related to virtual assets, including sending, receiving, and storing crypto and other digital assets directly on the X platform. Then again, although the license is a positive sign for crypto-related transactions, it remains to be seen what specific financial services X plans to roll out later.

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