Crypto on LYO: The Blend — Musk’s X Obtains Multiple Licences to Process Crypto Payments, Mukesh Ambani’s Firm to Explore Blockchains and CBDCs, OKX Looks to Enter Web3 in India

What happened in the crypto world in the last week? Let’s see some interesting news together!

Musk’s X Obtains Multiple Licences to Process Crypto Payments

Elon Musk’s rebranded social media platform X has reportedly obtained licences from several states across the United States to process cryptocurrency payments and transactions. This includes a currency transmitter license in Rhode Island.

Although Musk has dropped hints about incorporating cryptocurrency on the platform, including briefly changing Twitter’s bird logo to the Dogecoin dog before its rebranding to X last month, these licenses enable a wider range of payment services to be provided.

Musk has expressed his intention for X to evolve beyond social media content and transform into an ‘all-in-one app.’ The acquisition of these money transmitter licenses suggests that the tech billionaire might be considering nationwide payment processing support, akin to services like Venmo or PayPal, a company he co-founded. Now, X has licences to process crypto transactions in Arizona, Maryland, Georgia, Michigan, Missouri and New Hampshire.

Mukesh Ambani’s Firm to Explore Blockchains and CBDCs

Mukesh Ambani, Chairman of Reliance Industries Ltd. and Asia’s wealthiest individual, recently revealed plans to explore blockchain and central bank digital currencies (CBDCs) through its new financial services entity Jio Financial Services (JFS), launched earlier this month.

The financial arm will have strong backing behind BlackRock, which will serve as a partner of the firm. Reliance has been key to India’s growth in the digital space, and its decision to begin exploration into CBDCs and blockchain technologies was announced during the company’s annual general meeting, which is the company’s most important event of the year.

“JFS will consolidate its payment infrastructure, with a ubiquitous offering for both consumers and merchants further driving digital adoption for India,” Ambani was quoted as saying in a report by crypto news and information platform CoinDesk.

“JFS products will not just compete with current industry benchmarks but also explore pathbreaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times,” he added.

OKX Looks to Enter Web3 in India

OKX, one of the world’s largest cryptocurrency exchanges by trading volume, is planning to enter the Indian market and hire local talent to explore potential Web3 applications, revealed Haider Rafique, the firm’s Chief Marketing Officer, in a recent conversation with CoinDesk.

The intention is to significantly expand its wallet services by leveraging India’s renowned developer community. Presently, OKX boasts around 200,000 wallet users in India, which has persisted despite the opposition of the central bank towards the legalization of cryptocurrency.

“We’re going to learn about the community. We’re going to work with local folks. Figure out where we can add value,” Rafique claims.