Alex Lewis, MyDoge Wallet Chief Technology Officer, on Tuesday shared his thoughts on the integration of Dogecoin DOGE/USD payments into the X platform.
What Happened: In an interview with Fabrice Calmels, Lewis revealed that X has already applied for all the necessary licenses to become a custodial service, similar to PayPal, Venmo, or Cash App.
“That is a money transmitter. It’s similar to PayPal Venmo Cash App, like all these apps that we know to send money, you can do that.”
He explained that X has received approval for some of these applications, including a Currency Transmitter License (CTL) from the state of Rhode Island in August 2021, which could allow the platform to add crypto payments. It should be noted that X, is making significant strides toward offering payment services, having obtained a money-transmitter license from Pennsylvania recently. Users might be able to connect their bank accounts directly to the website for streamlined payments and to access a Dogecoin balance they can use for paying and tipping.
“So you could just have a, you can have your bank account connected to X app, and then you have a Dogecoin balance as well that you can use for payments and tipping in parallel, so I honestly believe this was coming," he added.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Elon Musk, the owner of X, has expressed his desire to integrate Dogecoin payments into the X app. However, the company has not yet made any formal announcements about such integration.
Instead, X is moving forward with its plan to integrate payments directly into the social media platform. Musk revealed his plans to turn the platform into a financial platform by 2024, though there has been no mention of adding Dogecoin as a payment method for this plan.
Meanwhile, Musk in his biography mentions that his brother Kimbal, suggested the idea of starting a new social-media platform based on the blockchain. Musk got intrigued and even half-jokingly mentioned incorporating Dogecoin, as a payment system for the platform.
Price Action: At the time of writing, DOGE was trading at $0.091, up 1.16% in the last 24 hours, according to Benzinga Pro.
Photo by Angga Budhiyanto on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
