Elon Musk continues to acquire national licenses to strengthen X’s role in the payments space.
In Monday’s filing, the tech billionaire’s social media platform received a money transfer license from Rhode Island, which is critical to providing such services in the state.
Dogecoin in X? The approval, confirmed by the statewide multi-party licensing system and #40;NMLSand#41;, comes after X (formerly Twitter) began applying for money transfer licenses in all required US states last month.
In the United States, money transmitters are a subcategory of money service businesses (MSBs) and facilitate the transfer of money between locations and across international borders. As a peer-to-peer payment technology, cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are known for open, permissionless and limitless payment systems. They also occasionally show interest in Elon Musk, who occasionally comments on the industry and playfully asks for his favorite cryptocurrency, Dogecoin (DOGE), on his platform.
In particular, a money transfer license is required to provide crypto wallet services that allow users to store, send and receive digital assets. While anyone can technically own a personal crypto wallet, many may prefer the ease of use and peace of mind that secure wallets bring.
If X were to implement crypto payments, it would extend Musk’s mission to make X “the app for everything,” where users can control their “entire financial world.”
It would also extend the growing trend of integrating messaging platforms with crypto payment technology and vice versa. For example, Telegram has integrated seamless Bitcoin and USDT payments directly into its messaging app, while Coinbase’s wallet has now implemented encrypted decentralized communications.
Dogecoin is pumping as usual Like many events related to Elon Musk, Dogecoin rose 5% to $0.067 when the request appeared. Similar price pumps happened to memecoin when Elon Musk bought Twitter last year and briefly changed Twitter’s bird logo to a picture of a Shiba inu.
Shortly after announcing X, Musk subtly added the Dogecoin logo to his Twitter bio after hiring a graphic designer from MyDoge Inc to create a short video graphic for the platform.
However, today’s pump may just be a coincidence: Grayscale also won a case against the SEC, sending crypto markets higher everywhere.