The platform can now legally offer crypto wallet services in Rhode Island. It is interesting to speculate how DOGE fits into Twitter’s cryptocurrency wallet goals. Elon Musk’s social media network X (twitter) has been approved to offer crypto wallet services in one US state. A recent filing revealed that the state of Rhode Island has granted the company a money transfer license. The platform can now legally offer crypto wallet services after obtaining a license in Rhode Island. The ability to store, transfer and receive other cryptocurrencies is a potentially game-changing addition to X’s payment infrastructure.
The ecosystem of financial markets
By expanding the crypto market to include more consumers, the move would also help promote cryptocurrencies to a wider audience. Musk’s regular Dogecoin-related tweets are well-known, so it’s interesting to speculate how memecoin fits into Twitter’s cryptocurrency wallet goals.
Musk may be able to use the success of the cryptocurrency wallet launch to offer more cryptocurrency financial services to the platform. This is in addition to Musk’s plan to include the platform’s financial market ecosystem. With the X rebranding of Twitter in 2023, it previously announced its goals to include the financial market ecosystem.
Payment processing company PayPal recently launched its own stablecoin called PYUSD. At the time there was also talk that a dollar-backed stablecoin could be integrated into the X platforml.
