- Dogecoin (DOGE) is expected to play a key role on the X platform as it endeavors to challenge traditional banks as a financial payment platform.
- DOGE has posted gains of more than 20% in the past week as the memecoin frenzy sweeps the crypto market.
X platform owner Elon Musk has revealed that the micro-blogging platform is edging closer to receiving a money transmitter license in New York and California. The two states will become the latest in a long line of regions that have approved X for a money transmitter license. Among the most notable are Utah, Rhode Island, Michigan, Missouri, and New Hampshire.
Elon Musk is now preparing to get a license in two of the most critical states, which would not only mark a key achievement but further open up other business opportunities.
As previously revealed, Elon Musk plans to rival traditional financial institutions as he builds the Everything app. Last year, Musk was confident that Twitter (now X) could become the biggest financial institution by offering convenient payment options. In an interview, he revealed that he wanted X to become the biggest financial institution in the world, just by providing people with convenient payment options. At the time, Musk spoke of launching in 2024. “It would blow my mind if we don’t have that rolled out by the end of next year,” Musk added.
The platform has since acquired numerous money transmitter licenses. This would allow the platform to offer users transfer services or payment instruments. The money transfer license differs from the ales license, which allows service providers to offer business consumer protection and facilitate money transmission between different parties besides purchasing goods and services.
Elon Musk, during a recent speech at a technology conference, announced that X is nearing approval for its California license, possibly within the next month. He added that getting the New York license might take several more months.
Can Dogecoin (DOGE) be the Primary Payment Option?
Elon Musk’s affiliation with cryptocurrency and love for DOGE is no secret. Tesla and SpaceX, two of his other companies, already hold over a billion in Bitcoin in their reserves. The X owner has in the past gone as far as declaring himself the Dogefather. He has further hinted at integrating cryptocurrencies into the X payment system. This has been evident, with X becoming increasingly crypto-friendly. All this has led to speculation that Musk could look to integrate DOGE and make it the primary payment option.
As speculation of its role in the X platform grows, the most popular memecoin has been enjoying massive investor interest. At the time of writing, DOGE is trading at $0.1716 after a 10% surge in the last 24 hours. This sees the 10th-ranked cryptocurrency extend its weekly losses by nearly 30%.
