Elon Musk X’s Docs Reveals Venmo-Like Payments, Is Dogecoin In Spotlight?

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As a seasoned crypto investor with a keen interest in the latest developments within the tech and finance industries, I’m thrilled to see Elon Musk’s ambitious plans for expanding X into an “everything app” that includes Venmo-like payments. The potential of having seamless transactions and increased functionality on one platform is truly exciting.

Elon Musk, the billionaire entrepreneur, unveiled his vision to transform X into a multifunctional app, dubbed an “everything app,” encompassing audio and video calling, news updates, payment services, dating platforms, employment opportunities, among other features. Linda Yaccarino, the CEO of X, announced that the payments sector through X Payments LLC is progressing well, marking a significant achievement for the company.

Multiple state documents concerning applications for money transmitter licenses have disclosed that a social media platform is planning to introduce a Venmo-style payment feature. (Or) Documents detailing money transmitter license applications in various states hint at a new social media platform payment functionality akin to Venmo.

Elon Musk Plans Venmo-Like Payments For X

A significant aspect of Elon Musk’s “all-in-one” strategy involves introducing payment functions on the X platform. Although specifics have yet to be disclosed, filings submitted to regulatory bodies for money transmitter licenses hint at Venmo-like capabilities, according to Bloomberg.

With a Venmo-style function, X account holders can easily save funds, send or receive money from others, and make transactions with businesses. Musk has indicated that this payment feature is expected to become available around mid-2024; however, the exact launch date remains uncertain.

According to the provided documents, X intends to charge minimal fees for its payment services. The company aims to attract more users by providing payments as a means to enhance their experience and interaction with X, rather than relying solely on revenues from merchant fees and banking services such as checking accounts.

X Payments’ Money Transmitter Licenses

Elon Musk’s X Payments has obtained money transmitter licenses from 28 American states so far, with plans to launch services in mid-2024. The most recent license was granted in Kentucky on May 10, as announced by X Payments LLC.

Previously, as X announced, they have no current intentions to incorporate cryptocurrencies into their payments system. Yet, Dogecoin continues to garner attention due to Musk’s recent hints towards potential future integration once regulatory guidelines become more clarified.

As an analyst, I’d put it this way: The current Dogecoin price sits at $0.1192, representing a 11% decrease in value over the past 24 hours. This marks a new 3-month low for DOGE following a series of events that have hindered its upward momentum. Among these developments was the passing of Kabosu, the Shiba Inu dog whose image served as the inspiration for the Dogecoin meme.

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2024-06-18 16:35