X Payments’ recent acquisition of licenses to engage in money transmitter activities in multiple US states has sparked hope for the integration of Dogecoin. Despite the anticipation among Doge enthusiasts, no official announcement has been made yet.
The news of X Payments, led by Elon Musk, obtaining licenses to offer money transmitter services in three new states – Illinois, New Mexico, and Oregon – has given a significant boost to Dogecoin. According to reports, X Payments already holds licenses to operate in 19 other states, including Georgia, Arizona, and Ohio.
Musk’s vision for the social media giant has always been clear – to transform it into a comprehensive platform that caters to all financial needs. This aligns with his original plan when he launched X.com, an online bank, in 1999. In a statement before the acquisition, Musk expressed his intention to expand the platform’s offerings beyond microblogging and bid farewell to its Twitter roots.
Linda Yaccarino, the new CEO of X, has also emphasized the platform’s broader vision, aiming to establish it as a go-to destination for various services such as payments, creator tools, and shopping. It has been reported that X plans to incorporate AI-powered experiences and launch Peer-to-Peer payments.
The recent acquisition of licenses in multiple US states has reignited discussions about the integration of cryptocurrency payments, specifically Dogecoin, into the platform. In December 2023, Alex Lewis, the Chief Technology Officer of MyDoge wallet, highlighted that X had made significant progress in offering payment services after obtaining a money transmitter license from Pennsylvania. This suggests that users will be able to link their bank accounts directly to the website for payments and access a Dogecoin balance for transactions and tipping.
The impact of this development on Dogecoin has been significant, with a 6% surge in the past 24 hours. As of now, it is trading at $0.1630 and holds the top position in the meme coin ecosystem with a market cap of $23.4 billion. Its closest competitor, Shiba Inu, trails behind with a market cap difference of $7 billion.
In conclusion, X Payments’ acquisition of licenses for money transmitter activities in multiple US states has sparked optimism for the integration of Dogecoin. This development aligns with Musk’s vision to transform X into a comprehensive financial platform. The impact on Dogecoin has been notable, solidifying its position as one of the top cryptocurrencies.