- X Corp attained three new money transmitter licenses for X Payments.
- The peer-to-peer system is expected to include Dogecoin payments.
- DOGE slides below $0.15 amid a market-wide drawdown on Friday.
Dogecoin’s future implementation into Elon Musk’s envisioned all-in-one X app comes a step closer to reality, as the social media giant has acquired three new licenses for money transmitter activities in the United States. Preparing the legal groundwork for X’s peer-to-peer (P2P) financial ecosystem, these money transmitter licenses include popular cryptocurrencies.
Recently heralded by Musk as “the people’s crypto,” DOGE is a top contender to align with the X’s payment system. Dogecoin’s market value witnessed blitz pumps on several Elon Musk-related endeavors, with DOGE picking up 12% gains on XPayments account inception in January 2024.
XPayments P2P: A Game Changer for DOGE?
The latest three approved money transmitter licenses allow X Corp to handle cryptocurrency and other digital payments in New Mexico, Oregon, and Illinois on customers’ behalf. Before that, X Corp had successfully secured licenses in 19 other US states, now counting 22 out of 50 states with appropriate regulatory groundwork laid out for the forthcoming product by X.
Following the positive news, the top dog coin embarked on a short rally to briefly reclaim $0.16 but slipped below this price range due to an all-around market correction. Losing 6% of the previous gains over the last 24-hour timeframe, DOGE is now exchanging hands at $0.1466, according to CoinGecko. Ultimately, Dogecoin’s inclusion on X could bring tangible utility for a cryptocurrency that started as a joke.
On the Flipside
- Earlier, X Corp struck a deal with eToro to make cryptocurrency purchases available on X via plugins and widgets provided by eToro’s exchange.
- While Dogecoin’s inclusion in the P2P system is plausible due to Elon Musk’s sweet spot for DOGE, Twitter’s staff haven’t confirmed these plans yet.
Why This Matters
X is a pro-crypto social media giant, solidifying its leading crypto enthusiast hub position.
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