Dogecoin and several altcoins are trending on X, after Elon Musk's social platform opened an account called XPayments.
X's new payment account, XPayments, has been verified with the golden badge, which is used within the platform to identify business accounts that are associated with verified organizations.
In this case, the XPayments account, which stands for “Payments from X,” is associated with X, formerly known as Twitter.
As you can see, the account was created recently, this month, and has not yet made any posts, although it already has more than 86.000 followers to date. On the other hand, in the description of this account, the mission, objective or story of the account is not yet specified and, at the moment, only the money bag emoji with the dollar symbol appears.
However, its recent launch is causing the crypto community to speculate about the possibility of integrating cryptocurrencies into payment methods on the platform.
Dogecoin, the memecoin favored by X-owner Elon Musk, is one of the big beneficiaries of the news, rising 10% in the past 24 hours. According to CoinMarketCap data, DOGE is trading at around $0,087 at the time of writing.
Cryptocurrencies “X” could reach X
The launch of this new account for X payments has fueled speculation that cryptocurrencies will be integrated into the social platform's verified payment methods.
Although it is estimated that X could enable payments by the middle of this year, neither the company nor Elon Musk have confirmed this or given any details on the matter.
Still, the crypto community sees Musk's enthusiasm for cryptocurrencies as a positive sign that these digital assets will be used for transactions within the social network. Thanks to their technological innovation, experts believe that cryptocurrencies will be an important part of the future of payments, as they allow value transactions to be made instantly and affordably.
XRP, XLM and others
Now, among the cryptocurrencies that could be integrated into X, it is speculated that those that start with the letter “X” have a good chance. This considering the fascination that the billionaire has for the penultimate letter of the alphabet.
On the other hand, Elon Musk's Artificial Intelligence, Grok, shed light on another of the altcoins that could be integrated into X payments. This is Nano (XNO), a cryptocurrency that is designed for peer-to-peer (P2P) payments and whose symbol is related to the letter "X".
The value of the Nano cryptocurrency has appreciated by almost 10% in the last 24 hours.
Also, Dogecoin, considered Elon Musk's favorite memecoin, could be included in X payments, which has been driving up its price in the market. In addition to this, Dogecoin has become a trending topic on the platform, accumulating more than 1 million mentions in the last few hours.
Floki, another dog-themed memecoin, has also been trending on X.
Money Transmission Licenses
X has accumulated more than a dozen licenses of Money Transmitter, or money transmission, in the United States in the last year, as part of its strategic plan to become “the largest financial services institution in the world” and an “app for everything.”
As reported by this media, the law firm Shipkevich PLLC highlighted that cryptocurrency payment activity is regulated by money transmitter laws in states such as Rhode Island, where X received a license. Money Transmitter. Therefore, it is believed that cryptocurrencies have an opportunity to be integrated into the platform's payment services.
In addition to this, it must be considered that Musk has always expressed his enthusiasm for cryptocurrencies and even went so far as to change the logo of his platform from the X to the Shiba Inu dog of Dogecoin.
In the midst of the 2022 bear market, Musk also said that he was quite optimistic about the future of the crypto industry and that Bitcoin, Ethereum and Dogecoin were the most promising cryptocurrencies in the entire sector. In October last year, he called fiat money “a scam.”
Continue reading: Elon Musk advises against investing in Dogecoin
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