It appears that user X (Twitter) will not be able to use the platform to send or receive cryptocurrency, at least not in the near future.
Crypto enthusiasts have long speculated about whether Elon Musk – the main proponent of memecoin Dogecoin – would integrate the token into the platform as he aims to build “apps for everything”. . However, the document The new regulation shows that while Musk is indeed moving to launch a payment service, it does not appear to be targeting cryptocurrency.
Specifically, the document reveals plans for a subsidiary called X Payments, which has been approved for money transmitter licenses in 28 states, with licenses being requested in the remaining states. X Payments can provide payment features to users similar to Venmo or Zelle.
It is possible that the cryptocurrency will be integrated into payment systems later, and Dogecoin supporters continue to hold out hope. To be sure, X Payments’ goals are not entirely clear from documents and statements from Musk and X CEO Linda Yaccarino.
X tells the regulators that they seek “increasing participation and interaction” from users through their payment platform and they are only expected to charge “minimum fees”. at the time of launch.
At the same time, the company’s revenue fell 40% year-over-year in the first half of 2023 after Musk completed the acquisition, and X may need to recover that lost revenue through initiatives. new.
Even increased engagement may be necessary as customers are notoriously loyal to banking and payments services. Prominent tech leaders like Google and Apple have struggled to gain traction with in-house payments platforms.
However, Musk remains a cryptocurrency enthusiast. Aside from previous Dogecoin price increases that he promoted with a series of tweets, as well as Tesla’s once-massive Bitcoin haul, Musk has reportedly spent years exploring the potential of crypto payments.
Meanwhile, amid reports of payments on X, Dogecoin fell 12% on the week.
Source: TradingView
On Monday, Yaccarino said in an interview that X’s payments platform will launch “soon” and that the company will have its first “financial ecosystem” in the United States.
You can see the DOGE price here.
Minh Anh
According to Decrypt
