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X App gets closer to Cryptocurrency Payment, Lifts DOGE Hopes

Key Takeaways
  • Judging by Elon Musk's efforts, it seems that cryptocurrency payment functionality could be introduced on X very soon.
  • Sources suggest that initially, X will support fiat currencies similar to PayPal, but later, it will also incorporate cryptocurrencies into its services.
  • The news of Elon Musk's X obtaining a license has been observed to cause a surge in the price of the meme coin DOGE.
30-Aug-2023 By: Shailja Joshi
X App gets closer to

X has obtained a currency transmitter license.

Elon Musk is making new efforts to create the Everything App, X. Observing Musk's endeavors, it seems that cryptocurrency payment features might soon be introduced in X, or the payment feature could be exclusive to Musk's favorite meme coin, DogeCoin. Recently, regulators in Rhode Island granted X (Twitter) a currency transmitter license, indicating X's entry into the financial services sector. This license enables X to facilitate custody, transfer, and exchange of digital and fiat currencies. Sources suggest that initially, X will support fiat currencies like PayPal, with plans to integrate cryptocurrencies later. Currently, Elon Musk is actively seeking licenses from various US states to rapidly launch the payment service. Prior to this, Musk has obtained currency transmitter licenses from six US states, including Arizona, Missouri, Georgia, Maryland, Michigan, and New Hampshire.

Rise in the price of DOGE

The news of Elon Musk obtaining the license has been seen as a boost to the price of the meme coin DOGE. The DOGE community hopes that Musk will soon integrate Dogecoin for cryptocurrency payments on the X app. This is especially anticipated given that Musk has already begun accepting DogeCoin for purchases on Tesla's online store. DogeCoin payments are also being accepted at SpaceX. With this trend in mind, the DOGE community believes that DogeCoin payments will likely be accepted on the X app in the near future as well. Additionally, Elon Musk revealed in a tweet that he is planning to create a special app for Tesla users on the X app to easily discover new posts in their feed.

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