Is Elon Musk Going To Bring Crypto Payments To X?
In Monday’s filing, the tech billionaire’s social media platform secured a Rhode Island currency transmission license, which is crucial for providing such services within the state.
Dogecoin on X?
The approval, confirmed by the Nationwide Multistate Licensing System (NMLS), comes after X (formerly Twitter) launched applications for money transmitter licenses in each of the required US states last month.
In the United States, money transmitters are a subcategory of money services businesses (MSBs) and help facilitate fund transfers between different locations and across international borders.
As peer-to-peer payment technology, cryptocurrencies such as bitcoin (BTC) and ethereum (ETH) are known for being open, permissionless, and borderless payment systems. They are also the subject of casual interest for Elon Musk, who occasionally comments about the industry and tweets jokes about his favorite cryptocurrency, Dogecoin (DOGE), on his forum.
Specifically, a currency transmission license is required to offer crypto wallet services, which allow users to store, send and receive digital assets. While anyone can technically own a personal crypto wallet, many may prefer the ease of use and peace of mind that comes with a custodial wallet solution.
If X implements crypto payments, it would expand on Musk’s mission of making X an “everything app” where users can conduct their “entire financial world”.
It will also expand on the growing trend of communication platforms being integrated with crypto payment technology, and vice versa. For example, Telegram has integrated seamless bitcoin and USDT payments directly into its messaging app, while Coinbase Wallet has now introduced encrypted decentralized messaging.
dogecoin pump, as always
Like many events related to Elon Musk, Dogecoin was up 5% to $0.067 at the time the filing appeared. A similar price increase occurred for Memecoin when Elon Musk bought Twitter last year, and when he briefly changed Twitter’s bird logo to a picture of a Shiba Inu.
Soon after announcing X, Musk subtly added the Dogecoin logo to his Twitter bio, after hiring a graphic designer from MyDoge Inc to create a short video graphic for the platform.
However, today’s boom may just be a coincidence: Grayscale also won its lawsuit against the SEC, fueling the crypto market.
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source: cryptopotato.com
