Elon Musk’s X payments plan doesn’t include crypto
It seems that users of X might have to wait indefinitely before they're able to transact in cryptocurrencies through the platform.
Amidst fervent speculation, enthusiasts of cryptocurrency have been pondering if Elon Musk—the staunch supporter of the Dogecoin meme coin—would embed cryptocurrency transactions within the platform as part of his vision to create a universal application. Nonetheless, recent regulatory filings suggest that while Musk is gearing up to debut a payment service, it seemingly excludes cryptocurrency transactions, according to a report by Bloomberg.
Instead, the filings unveil plans for a branch named X Payments, which has acquired authorization as a money transmitter in 28 states, actively pursuing permissions in other states as well. This development hints at a forthcoming payment feature for X users that could mirror the functionalities of Venmo or Zelle.
There's still a possibility that cryptocurrency transactions could be integrated into X Payments in the future, providing a glimmer of hope for Dogecoin aficionados. However, the exact ambitions of X Payments remain somewhat ambiguous, based on both the filings and the communications from Musk alongside X CEO, Linda Yaccarino.
X has articulated to regulatory bodies its aspiration for "enhanced user engagement and participation" through its payment platform, aiming to institute only nominal fees upon its introduction.
Furthermore, in the wake of a 40% decline in the company’s revenue year-over-year for the first half of 2023 following Musk’s acquisition, Twitter may see this as an avenue to recuperate some of its lost earnings.
However, convincing users to switch their loyalty to a new banking or payment service can prove to be an uphill battle, as evidenced by tech giants like Google and Apple, who have encountered challenges gaining a foothold with their payment solutions.
Despite the hurdles, Musk's enthusiasm for cryptocurrency hasn't waned. His tweets have previously led to surges in Dogecoin prices, and Tesla's once significant holdings in Bitcoin, coupled with Musk's prolonged interest in crypto payments, underscore his enduring support for the sector.
Amid these developments, Dogecoin has experienced a 12% decrease over the past week.
In a recent statement made on Monday, Yaccarino announced that Twitter's payment platform is expected to launch "soon," starting in the United States as the initial step in developing the company's "financial ecosystem."
