BasEx | Elon Musk on X License for Cryptocurrency Payments
Musk discusses X license for cryptocurrency payments
29.12.2023
Musk discusses X license for cryptocurrency payments

The social network X, owned by Elon Musk, plans to launch a payment service in mid-2024. The company is currently awaiting licenses to provide financial services in both fiat and cryptocurrency sectors, as Musk mentioned in a podcast with Cathy Wood, head of ARK Invest.

Musk mentioned that the process of integrating payments has been slowed down due to bureaucratic hurdles, acknowledging that X was "a bit late" in submitting documents to obtain the license, but does not anticipate any major issues with its approval.

In the crypto community, many have expressed interest in integrating Dogecoin and Bitcoin into the X payment system. However, according to Musk, the service will initially focus on fiat currencies, with the possibility of adding digital assets in the future.

X's application for the license became known in January 2023, after which the company began developing the corresponding software.

Musk intends to turn X into a "super app," incorporating paid verification and a financial ecosystem.

Rumors about the possible integration of Dogecoin as a payment method arose after a presentation of updates in November 2022, and Musk himself had proposed this idea back in April.

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