Elon Musk’s X Empowers Crypto Payments with New State License, Drives DOGE Price Surge by 4.34%

    Twitter's X receives currency transmitter license from Rhode Island regulators, advancing Elon Musk's vision of an all-encompassing "everything app" for fiat and crypto transactions.

    Accordingly, X (Twitter) is making waves in the financial world as regulators in Rhode Island grant the company a currency transmitter license – a legal permission necessary for any business handling fiat and crypto assets on behalf of users. This accomplishment is another leap towards founder Elon Musk’s vision of making X an “everything app” with all-round capabilities for both fiat and crypto payments.

    X has a total of seven money and currency transmitter licenses. Source: NMLS

    Although insiders suggest that X’s upcoming payments feature will initially support fiat currencies alone, developers at X are said to have already begun work on incorporating crypto functionality in the future, taking a cue from Musk’s lead.

    This license marks the fourth time X has succeeded in securing a money transmitter license, bringing the total to seven states now. With payment features potentially coming down the pipeline, people familiar with X’s plans state that the payment system will resemble PayPal’s fiat currency transactions, with room to add crypto integration.

    DOGE Jumps as Elon Musk’s X App Gets Closer to Crypto Payments Adoption

    After the exciting news broke, the price of Dogecoin, a cryptocurrency beloved by Elon Musk, experienced a thrilling surge of approximately 2.55%. Although it dipped shortly after, the DOGE army eagerly awaits Musk’s integration of Dogecoin as a crypto payment option on the X app. As a result, the anticipation of Twitter Payments LLC receiving these licenses has reached a fever pitch among the passionate community of meme coin enthusiasts. Currently, DOGE is valued at $0.06455, boasting an impressive 4.34% jump.

    Source: TradingView

    Notably, the recent ascent of DOGE is further propelled by the sudden rise in Bitcoin’s value, stemming from Grayscale’s victorious legal battle against the SEC regarding the Bitcoin ETF case.

    Elon Musk’s Next Big Move: Connecting X and DOGE for Tesla Payments

    In a recent X tweet, Elon Musk set social media abuzz with the news that he plans to develop a unique app enabling Tesla owners to keep pace with the exciting happenings in their X feed. But that’s not all. If X eventually integrates DOGE payments, Musk hints that the option may make its way to Tesla payments as well.

    What’s more, Tesla has already opened its virtual doors to Dogecoin payments for merchandise in its online store, starting in December 2021. And that’s not all – the momentum continues to build as even SpaceX followed suit and began accepting DOGE payments for their mission patches in Spring 2022. 

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