The state of Rhode Island granted X (formerly Twitter) a currency transmitter license, paving the way for the company's entry into the financial services industry.

The license is necessary by law for organizations that execute financial transactions on behalf of users, including as sending and receiving money – a description that includes both fiat and crypto assets.

X will be able to custody, transfer, and trade digital currencies as a result of the authorization. 

According to the Nationwide Multi-State Licensing System (NMLS), X's Rhode Island Currency Transmitter License was granted on August 28.

The move is a significant step forward in Elon Musk's quest for X to become a "everything app" that accepts crypto and fiat payments.

While insiders claim that X's upcoming payments feature will initially only handle fiat currencies, Musk is said to have told X developers to construct the platform's payments system in such a way that crypto capabilities can be added in the future.

The decision comes nearly two months after X was granted money transmitter licenses in Michigan, Missouri, and New Hampshire on July 5. X now has transmitter permits in seven different states in the United States.

Sources:

https://finbold.com/elon-musks-x-obtains-required-license-for-crypto-payments/

https://cointelegraph.com/news/x-twitter-crypto-payments-rhode-island-licence

https://www.bsc.news/post/x-twitter-acquires-license-to-add-crypto-payments

https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2404946