KEY POINTS
- X CEO Yaccarino revealed new set of features are coming to the platform
- Musk always toyed with the possibility of accepting DOGE as a form of payment
- Last month, X secured a currency transmitter license from Rhode Island’s regulators
Elon Musk is getting closer to realizing his vision of transforming X (formerly Twitter) into an “everything app” as the micro-blogging site’s CEO has confirmed that a Google Pay-like feature would be rolled out in the platform soon. The executive, however, did not reveal if the upcoming feature would integrate Musk’s favorite meme coin Dogecoin, or if it would enable cryptocurrency payments, something that the crypto community has long been waiting for.
X CEO Linda Yaccarino shared a brief video Thursday and wrote, “a hint of what’s to come. who’s in?” Unfortunately, the video did not provide any details about the payment feature or disclose when it will be made available to users.
The tweet has gone viral and garnered over seven million views so far.
However, some crypto hopefuls were disappointed as the video did not give any hint that crypto payment will be integrated or Dogecoin will be included.
Musk, even before acquiring the social media platform, had toyed with the possibility of accepting DOGE as a form of payment and even mentioned the crypto integration on X.
It appeared Musk had already set his sights on transforming X into an everything app because of its potential, after his brother, Kimbal, floated the idea of owning a blockchain-based social media platform with a payment system that uses Dogecoin.
“Kimbal thought that it would be better for his brother to start his own social media platform based on the blockchain. Perhaps it could include a payment system using Dogecoin, Elon mused. After brunch, he sent Kimbal a few texts fleshing out the idea for a ‘blockchain social media system that does both payments and short text messages like Twitter.’ Because there would be no central server, ‘there’d be no throat to choke, so free speech is guaranteed.’ The other option, Elon said, was not merely to join the board of Twitter but to buy it,” excerpts from Musk’s biography read.
Despite X’s silence on crypto payment integration on the platform, it appears the process is well underway.
Last month, it secured a currency transmitter license from Rhode Island’s regulators, which permits the microblogging site to run crypto activities on behalf of its users. This underlines a major step forward for the company’s foray into the financial services industry.
The license is a legal requirement for companies that want to run any activities related to cryptocurrencies on behalf of their users. It includes a wide range of crypto-related services such as payment processors, crypto exchanges and wallets, underscoring that it will allow X to store, transfer and exchange digital assets on behalf of its users.
