Doge, Floki Enjoy Boost as Twitter Lands Payments License

Crypto Twitter is buzzing with possible outcomes for their favorite cryptocurrencies after X’s new digital money license gets confirmed.

Elon Musk looking at a Floki dog blowing a horn trumpet infront of a digital earth in the clouds.
Created by Gabor Kovacs from DailyCoin
  • Twitter has been granted a digital payments license to operate in the United States.
  • Floki shot up 8% following X’s new Currency Transmitter license acquisition.
  • Dogecoin fans expect to see DOGE as a pay method on the revamped network.

X, the social platform previously known as Twitter, continues the makeover to become a fully self-sufficient social and financial ecosystem. Elon Musk’s social media platform obtained the Rhode Island Currency Transmitter License on August 28, 2023. 

According to the Nationwide Multistate Licensing System (NMLS) data, X can now offer both traditional and crypto payments to its users. Shortly after the message, Dogecoin (DOGE) jumped by 4.20% to trade at $0.065, marking a new weekly high at $0.067997.

This digital payments license allows X Corp to manage transactions on the user’s behalf, including transferring, storing, and exchanging digital assets within X Corp’s product range. Thus, X can operate similarly to a cryptocurrency exchange or a payment platform.

Crypto Twitter is buzzing with speculation on how this will affect the whole market. “This might be a big step towards mainstream adoption,” said one crypto trader, who sees easily readable names to receive crypto instead of complicated sequences as a no-brainer.

DOGE & FLOKI Bark Up the X Tree

Both DOGE and FLOKI surged as the news arrived. It’s no secret that Dogecoin, the leading memecoin by global market capitalization, has a special place in Elon Musk’s heart and is estimated the biggest probability to become the centerpiece of Twitter’s new financial ecosystem, according to many members of the DOGE Army.

On top of that, Floki joined forces with ARBDoge AI to integrate FlokiFi Locker into the AIDOGE launchpad. This is meant to reshape how new cryptocurrency projects operate on Binance Smart Chain (BSC), as the collaboration between Arb Doge AI and Floki aims to bring a paradigm shift.

Indeed, the enhanced liquidity infrastructure enables projects to lock in the needed tokens for the initial launch on Floki Locker, which works on a buy-and-burn protocol, accounting for 25% of transaction fees. This way, Floki keeps to its deflationary tactics – the canine coin grew 71% yearly despite volatile overall crypto market conditions.

On the Flipside

  • The payments license acquired by Twitter is not entirely crypto-related, as the license also involves fiat payments and generally doesn’t guarantee cryptocurrency implementation.

Why This Matters

Twitter is estimated to onboard over 40 million users with this new feature, which benefits crypto adoption.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.