Elon Musk X’s Docs Reveals Venmo-Like Payments, Is Dogecoin In Spotlight?
Highlights
- Elon Musk's X payments likely to be a similar to Venmo payments app.
- It will allow users to store money on X, pay to users or businesses, and buy products and services in physical stores.
- X Payments has received money transmitter licenses from 28 US states.
- Crypto integration into X payments is currently not under the plan.
Billionaire Elon Musk revealed his plan to expand X into an “everything app” to include audio & video calling, news, payments, dating, jobs, and other features. Work on banking or payments through X Payments LLC has been on track and it will be a major milestone for the company, said Linda Yaccarino, CEO of X.
Documents related to seeking money transmitter licenses in multiple states have revealed a Venmo-like payments feature for the social media platform.
Elon Musk Plans Venmo-Like Payments For X
The major part of Elon Musk’s “everything app” plan is to launch payments on the X platform. While details of the plan are not available, documents the company submitted to state regulators for money transmitter licenses reveal Venmo-like features, as per Bloomberg.
A Venmo-like feature will allow users to store money on their X accounts, pay or transfer money to other users or businesses, and buy products and services in physical stores. Musk earlier said the payments feature is anticipated to go live in mid-2024, but details on the launch date are still not clear.
As per the documents, X plans to charge minimal fees for its payment services. The company told regulators that its goal is to offer payments to boost its business through “increased participation and engagement” on X. It plans to get major revenue from merchant fees, banking services like checking accounts.
Also Read: Why Is Crypto Market Down Today? BTC Crash To $55K Imminent?
X Payments’ Money Transmitter Licenses
Elon Musk’s X Payments has received money transmitter licenses from 28 US states now as he plans to roll out services in mid-2024. The company has received the latest license in Kentucky on May 10, according to X Payments LLC.
As X reported earlier, it has no plans to integrate crypto into the payments network. However, Dogecoin remains in the spotlight as Musk hinted at the integration of crypto later as regulations provide further clarity.
DOGE price currently trades at $0.1192, down 11% in the past 24 hours. It is now trading at a 3-month low after a number of events impacted DOGE upside momentum including the passing of Kabosu, a Shiba Inu dog behind the Dogecoin meme.
Also Read: Binance’s Key Announcement For WIF, BONK, FLOKI, NOT, ZK And 6 Other Crypto
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor Hints Bitcoin Buy As Goldman Sachs Predicts Three Fed Rate Cuts
- What’s Behind Ethereum’s Drop: Macro, TVL, DeFi & Liquidity Zones
- Bitcoin ETFs Record Biggest Daily Outflow Since August as OG Whales Cash Out
- CZ Trump Pardon: Binance Founder Denies Any Trump Family Ties
- Odds for December Rate Cut Soar to 71% After Michigan Consumer Sentiment Hits 2nd-Lowest in History
- After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
