X's encryption business is moving towards compliant operations, which helps enhance trust from users and regulatory agencies. Of course, X still needs to establish a sound anti-money laundering and risk control mechanism to protect the security of users' digital assets. At the same time, X's involvement is expected to increase awareness and acceptance of cryptocurrencies among the Web2 community, helping to promote wider acceptance and attention to the crypto world. This news also confirms that X will have a deeper involvement in the crypto field, possibly collaborating with more Web3 projects to build a crypto ecosystem and create more application scenarios; this will also promote the development of the crypto industry.
With Elon Musk being a well-known supporter of the cryptocurrency community, perhaps he will further drive the development of crypto technology and the market through the X platform. Elon Musk has previously mentioned that X will be friendly towards cryptocurrencies, especially Dogecoin, and may integrate Dogecoin into the X payment system in the future. They have previously formed a dedicated team to promote the "Twitter Crypto" project, responsible for encrypted payments and infrastructure construction. X has also collaborated with crypto companies for encrypted feature development, such as partnering with Strike for Bitcoin tipping functionality; and collaborating with eToro to allow users to trade cryptocurrencies, stocks, and other financial assets.
Finally, the news that Twitter Payments LLC has obtained these licenses injects confidence into meme coin enthusiasts: this news has subtly influenced meme coins with Shiba Inu as the theme, as according to Coinmarketcap data, Dogecoin saw a 6% price increase on the 28th and 29th.
What crypto applications might X launch?
Although X is committed to obtaining compliance qualifications and building crypto business capabilities, Elon Musk explicitly stated that X will not issue its own token. However, aside from issuing its own token, what crypto-related applications might X launch?
Support mainstream cryptocurrencies
X can directly support mainstream cryptocurrencies such as BTC, ETH for platform paid services and creator rewards. This may also become a channel for cryptocurrency adoption, or an important gateway for Web2 users to enter Web3 platforms.
Integrate encrypted wallets
X may consider integrating with third-party encrypted wallets, allowing users to manage their encrypted assets through X and facilitate asset transfers between different wallets.
Facilitate decentralized trading
Connect with DEX to enable users to directly trade their encrypted assets on X.
Launch unique NFTs
If X wants to promote NFTs, there may be three possible approaches: introducing NFT functionality to establish a creator economy, protecting creators and enabling direct purchase of their works through NFTs; creating an NFT marketplace; X may also launch its own NFTs to build a platform-specific digital asset economy while utilizing smart contracts for permission control, etc.
Web3 social applications
Integrate SocialFi features to connect decentralized social applications. Users can link external wallets to manage their digital identities and virtual assets across different platforms. X may also establish integration with blockchain identity systems to support decentralized social applications, enabling portable and controllable user identities and credentials.
Fully entering Web3? Still needs observation X
Subsequent Deployment
X's recent acquisition of the currency transmission license in Rhode Island is just the first step towards building encrypted payment capabilities. This opens a door for X in the field of cryptocurrency, but the specific applications and scale still need further observation.
X also needs to obtain licenses from more states in order to fully engage in compliant cryptocurrency operations. Additionally, X has not yet applied for the crucial BitLicense established by the New York State Department of Financial Services (NYSDFS) and the EMI license in Europe. These will be key factors in measuring the scale of X's cryptocurrency business.
Before launching actual encrypted applications, X needs to conduct comprehensive risk assessments and community testing to ensure a smooth transition of the overall business. X also needs to collaborate with authoritative security and compliance agencies in the industry to guarantee platform information security and asset security.
Most importantly, regulatory policies and user acceptance will significantly impact the effectiveness of X's cryptocurrency business. Therefore, X is likely to adopt a gradual and cautious strategy rather than fully launching all cryptocurrency-related features.
Conclusion
In conclusion, this license approval has opened the legal door for X to advance its cryptocurrency business. It is both a new beginning and the start of long-term work. Before implementing actual encrypted applications, X needs to do a lot of preparation and regulatory coordination. We have reason to be optimistic and look forward to X becoming an important member of the cryptocurrency ecosystem.
Source: https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2404946
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