From Social Feed to Digital Wallet: X's Bold Leap into the Cryptoverse.
It’s time to break down what’s new in the digital coin hood, and it seems Elon’s at it again. Here’s the 411:
X (formerly Twitter) Dives Deeper into the Crypto Game
Hold onto your digital wallets because X, the platform once known as Twitter, just scored a big one. Elon’s pet project now has the Rhode Island Currency Transmission License, allowing it to move, store, and swap Bitcoin and other digital assets. But this isn’t just any license – it’s THE license for crypto payments within Rhode Island.
Simply put, X can now become a one-stop-shop for all your virtual currency needs. This move comes hot on the heels of X’s collab with Strike, a Bitcoin payments app enabling users to tip in Bitcoin. Oh, and for those flaunting their digital wealth, you can now show off your Bitcoin and Ethereum addresses on your profile.
X’s Bumpy Ride to Rebranding
Despite the promising crypto expansion, it’s been a rocky journey for X. Remember when bankruptcy whispers surrounded the platform? Elon was candid about these struggles. But things might be looking up with this new venture into the crypto world!
Employee Disputes Shadow X’s Progress
However, no roses without thorns, right? After Elon acquired the platform, a massive 2,200 former employees filed arbitration cases, mostly tied to Musk’s layoff saga. Recently, in a court doc from Delaware, X’s lawyers argued that they never pushed employees towards arbitration, hinting they might not cover the hefty $3.5 million in filing fees. (P.S. – Chris Woodfield, a former senior engineer, is leading this charge and is all up for getting that promised severance pay!)
X’s Arbitration Drama Continues
And if you thought that was all, here’s more tea: Another case from the Northern District of California has old Twitter peeps claiming the company nudged them to opt for arbitration if they wanted their severance pay. But, plot twist: X allegedly held back on 891 cases without dishing out the required fees.
This entire arbitration thing has always been a bit sketchy. Critics say it’s too hush-hush, preventing current and would-be employees from knowing a company’s true colors. On the flip side, supporters believe it’s a nifty way to settle disputes without those pesky legal fees.
X’s metamorphosis from just another social platform to a crypto powerhouse looks promising. But with past ghosts coming to haunt, only time will tell if this phoenix truly rises from the ashes.