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- X Payments’ recent move to secure licenses to engage in money-transmitter activities in multiple states in the US rekindles hope for Dogecoin integration.
- Doge enthusiasts have always expected a formal announcement to this effect, but none has been made yet.
Dogecoin (DOGE) gets a massive boost as Elon Musk’s X Payments secures license to engage in money transmitter services in three new US States – Illinois, New Mexico, and Oregon. According to the report, X Payments has already secured licenses for operation in 19 US States including Georgia, Arizona, and Ohio.
Musk’s Vision for the social media giant has always been clear – turn it into a “one-stop everything-store for all financial needs.” This was his original plan when he launched an online bank X.com in 1999 according to Walter Isaacson who is writing his biography. Prior to his famous acquisition, Musk wrote on the platform:
In the months to come, we will add comprehensive communications and the ability to conduct your entire financial world. The Twitter name does not make sense in that context, so we must bid adieu to the bird.
Its new CEO Linda Yaccarino once disclosed that the vision of the platform transcends the usual microblogging activities. The plan is to transform it into a go-to platform for several services including payments, creator tools, shopping, etc. It is now expected to add Artificial Intelligence (AI) powered experiences as well as the launch of Peer-to-Peer payments as formerly reported by Crypto News Flash.
Does X Plans Favours Dogecoin Integration?
Yaccarino earlier stated:
X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.
The recent acquisition of licenses in several states of the US has rekindled the discussion surrounding the integration of crypto payments, particularly Dogecoin, into the platform. In December 2023, MyDoge wallet Chief Technology Officer (CTO) Alex Lewis added his voice to the discussion, stating that X has made significant strides towards offering payment services after obtaining a money transmitter license from Pennsylvania. This implies that users would be able to directly connect their bank accounts to the website for payment and to access a Dogecoin balance for paying and tipping.
So you could just have a, you can have your bank account connected to X app, and then you have a Dogecoin balance as well that you can use for payments and tipping in parallel, so I honestly believe this was coming.
Dogecoin has reacted to this development with a 6% explosive run in the last 24 hours, trading at $0.1630 as of press time. The asset currently dominates the meme coin ecosystem with a market cap of $23.4 billion, cementing its position as the 8th largest crypto by market cap. Interestingly, its rival Shiba Inu trails with a market cap difference of $7 billion.
