Elon Musk is on a mission to pivot X, formerly known as Twitter, into a multi-functional platform with a built-in payment processor that will support emerging digital currencies. Musk has hinted that X is set to be a “DOGE-friendly place,” signalling potential support for the popular Dogecoin.
The journey to achieving this cryptocurrency-friendly status necessitates obtaining the necessary licences. To this end, Musk’s company has made significant strides, focusing predominantly on fiat-based payments under the guise of the “Money Transmitter License.” Among the more notable milestones is the approval of a license requested by Twitter Payments LLC – X’s dedicated payment arm – by the state of Rhode Island on August 28.
This “Currency Transmitter” license is a jack-of-all-trades of sorts, encompassing the realms of crypto exchanges, wallets, and payment processors. Fundamentally, it gives X the green light to store, transfer, and even exchange digital assets on behalf of its users.
While the integration of cryptocurrency into X is a step forward for digital assets, Musk has categorically ruled out the launch of a proprietary token tied to the platform. Musk’s other major company, Tesla Inc, currently holds a noteworthy 10,725 Bitcoin in its cache.
It’s worth noting that Dogecoin has become a Musk favorite, with the entrepreneur’s explicit endorsements often having a direct, positive impact on DOGE’s market value. The rumor mill is rife with speculation that Dogecoin may soon receive an official nod on the platform, mirroring Musk’s previous move to accept the token as payment for Tesla merchandise.