The crypto community is speculating that Elon Musk is edging closer to transforming X ( formerly Twitter) into an everything application. The speculations arise from X unveiling a dedicated account to handle issues relating to upcoming payment features in the later months of 2024.
The community is speculating regarding potential crypto payments on the X platform. The creation of the dedicated account prompted the crypto community to weigh the potential of implementing cryptocurrencies.
Crypto Community Anticipates In-App Payment Services
The community anticipates that Musk’s X will unveil the in-app payment services by mid this year. Nonetheless, whether the new feature will facilitate payments beyond the conventional fiat currencies remains uncertain.
Although the new account has yet to make any posts, the gold badge indicates that it belongs to a verified organization. Besides, the account carries the X badge to suggest its links to the X.
A post by cryptocurrency research expert Mason Versluis revealed to his 169000 followers the potential inclusion of crypto beginning with X on the application. The researcher referred to Ripple (XRP), Stellar (XLM), and XDC (XDC).
Meanwhile, Musk has recently integrated Dogecoin to execute payments within Tesla’s merchandise store. The implementation followed a series of mentions of meme coin.
The affiliations with the Dogecoin culminated in a class action suit leveled against Musk. The plaintiffs allege misleading, misinformation, and market manipulation with the Dogecoin mention, resulting in a price pump.
The majority in the crypto community speculate that the crypto likely to be included on the X is to be featured.
Crypto Community Speculate Dogecoin Integration
The crypto community reflected on the subtle hints conveyed by Musk and X. The community suggests potential interest in integrating Dogecoin in upcoming projects.
A review of the last year shows X had in October 30 published a meme that featured the meme where the dog was answering the phonecall. The meme prompted the Dogecoin community to interpret it as a potential inclusion.
Crypto research expert Tokenicer updated his 36,200 followers in the belief that X was shifting attention and distancing from the crypto-friendly content.
Tokenicer reflected on the announcement by X in 2023 that it was implementing the revenue-sharing system involving advertisements. The change would facilitate the content creators in monetizing the content within the X application.
Tokenicer indicated that X appears to terminate payments for content. He added that previously, he would receive cheques ranging from $40-70 range in the past only to receive a $16 cheque.
X Edging Closer to Leverage Transmitter License
Tokenicer illustrated that the payout system arises from the total impressions accumulated by the content creators. Such is bound to vary across various periods.
Twitter has been the subject of multiple predictions since its acquisition in April 2022 regarding its evolution to a new comprehensive application. Considering Musk’s sustained commentary towards crypto triggered speculations of integrating crypto.
In July last year, Musk promised that X would ultimately offer individuals the capability to execute all their requirements in the financial world.
The move to create a dedicated payments account on X months after regulators from Rhode Islands approved the currency transmitter license. The August achievement is critical as the company targets expanding its scope into the financial services sector.
The Rhode regulators explained that the transmitter license is a legal necessity for firms to conduct financial activities for their users. The license allows the company to send and receive money in fiat or crypto form.
The approval will facilitate X to execute the custody, exchange, and transfer of digital currencies.
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