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Elon Musk's new X Payments platform will not support Dogecoin or any other cryptocurrency, recent regulatory documents reveal.
Dogecoin Integration Left Out of X Payments
For a long time, crypto fans have wondered if Elon Musk, who is heavily invested in the Dogecoin meme coin and plans to develop X (f.k.a. Twitter) as an "everything app," would include digital tokens into the platform. Despite Musk's stated intentions to create a payment service, recent regulatory documents reveal that the service does not appear to target cryptocurrency, according to Bloomberg.
The plans uncover a subsidiary named X Payments, which has applied for and received money transmitter licenses in 28 states. In the other states, licenses are also being sought for. A functionality similar to Zelle or Venmo could be available to users of X Payments.
Crypto Enthusiasts Left Hoping for Future Updates
As Dogecoin backers keep hoping, Decrypt explains that cryptocurrency integration with the payments system could happen later on. The documentation and statements provided by Musk and Twitter CEO Linda Yaccarino do not provide a clear picture of the goals of X Payments.
Still, Musk is heavily invested in the cryptocurrency market. Aside from the Dogecoin price spikes he caused with his tweets and Tesla's once-massive Bitcoin hoard, Musk supposedly spent years investigating the possibilities of cryptocurrency payments.
Minimal Fees Expected to Drive User Participation in X Payments
While X did not anticipate charging anything more than "de minimis fees" upon debut, the company did inform regulators that it aimed to encourage "increased participation and engagement" from customers via its payments platform.
Meanwhile, following Musk's acquisition, the company's revenue fell 40% year-over-year in the first half of 2023; Twitter may have to launch new campaigns to make up for the revenue it lost.
In light of the fact that clients are notoriously devoted to banking and payment services, even greater engagement could be too much to ask for. Even notable companies in the technology industry, such as Google and Apple, have had a difficult time gaining popularity with their own in-house payment platforms.
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