X’s intent to infuse cryptocurrency solutions into its ecosystem has been a well-known aspiration, and the company is well-positioned to realize its ambitions due to its partnership with eToro.
According to data from the NMLS, X has successfully obtained the Rhode Island Currency Transmission License, a critical regulatory authorization for the storage, transfer, and trading of digital currencies. This license essentially gives a green light to all crypto activities involving the securekeeping of funds within a wallet.
With this recent approval, X’s extensive user base of 400 million individuals should soon have the capability to engage in transactions using cryptocurrencies. However, it is crucial to acknowledge that regulatory standards differ from one country to another, potentially leaving users in crypto-unfriendly nations without access.
Furthermore, the cryptocurrency landscape is already teeming with brokers, wallets, and platforms, making X’s offering appear less revolutionary, though it certainly represents an evolutionary step forward.
400 million users
X’s owner, Elon Musk, has flirted with the idea of transforming the social media platform into an “everything app.” To genuinely align with the concept of an “everything app,” X must aim to provide an integrated platform encompassing diverse activities like shopping, payments, games, video, messaging, and more. Cryptocurrency is expected to play a role in all of these activities.
Examples include the ability to purchase exclusive content from thought leaders, transfer funds among friends and family, make in-game purchases, tip video creators for outstanding content, and much more.
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.
Crypto surges
In addition to Grayscale’s court victory ruling, cryptocurrency prices experienced an upswing on Tuesday, with Dogecoin, Elon Musk’s favored cryptocurrency, outperforming others.
Dogecoin saw gains of around 6% on Tuesday afternoon, surpassing other major coins like Ethereum, XRP, and Cardano, which registered gains of 5.5%, 3.7%, and 4.2%, respectively.
However, Dogecoin’s surge was surpassed by Bitcoin, which surged by over 7%, largely due to expectations that the cryptocurrency community is one step closer to the approval of a spot Bitcoin ETF.
