Sorry Dogecoin Fans: Elon Musk’s Twitter Payments Plan Doesn’t Include Crypto

It appears that Twitter (aka X) users won’t be able to use the platform to send or receive cryptocurrency, at least for the time being.

Cryptocurrency enthusiasts say that Elon Musk, the main promoter of cryptocurrency, Dogecoin Memecoin-he”All AppsBut new regulatory documents show that Musk is indeed Payment ServicesIt doesn’t seem like they’re considering cryptocurrencies, Per Bloomberg.

Rather, the document reveals plans for a subsidiary called X Payments, which has been approved for money transmitter licenses in 28 states and is applying for licenses in the remaining states, that could offer users payment functionality similar to Venmo or Zelle.

Cryptocurrencies may also be integrated into the payment system in the future. Dogecoin Supporter Maintaining HopeTo be sure, XPayments’ objectives aren’t entirely clear from documents and statements by Musk and Twitter CEO Linda Yaccarino.

X told regulators it aims to “enhance participation and engagement” with users through its payments platform and will only charge “nominal fees” at launch.

At the same time, the company’s revenue fell 40% year-over-year in the first half of 2023 after Musk completed the acquisition, and Twitter may need to recover that lost revenue through new initiatives.

Even increased engagement may be asking for too much, as customers are notoriously loyal to their banks and payment services, and tech leaders such as Google and Apple have notoriously struggled to gain traction with their payment platforms.

Still, Musk remains a crypto enthusiast, and in addition to causing a price surge in Dogecoin with a series of tweets, Tesla’s former huge Bitcoin hoardMusk has spent years The potential of cryptocurrency payments.

Meanwhile, Dogecoin fell 12% last week amid the Twitter payments report.

Yaccarino said in an interview on Monday that Twitter’s payments platform is coming “soon” and that the company’s “financial ecosystem” will launch in the United States first.

Editor: Andrew Hayward

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