DOGE Payments May Soon Be Possible on X: Insights from MyDoge Wallet's CTO

• Dogecoin Integration on X: A Potential Game Changer
• X Prepares for Crypto Payments
• Key Licenses Secured by X
• Potential Impacts on Dogecoin's Value
• Fueling DOGE Adoption

Dogecoin Integration on X: A Potential Game Changer

A growing sense of anticipation surrounds the integration of Dogecoin$0.091 -0.42% (DOGE) into X's payment features. Despite the absence of an official confirmation on the timing of DOGE's integration into X, recent comments from MyDoge Wallet's Chief Technology Officer (CTO), Alex Lewis, have created a buzz in the crypto community.

X Prepares for Crypto Payments

In a conversation with Fabrice Calmels, Lewis revealed that X is in the process of acquiring all necessary licenses to operate as a custodial service. This move would enable X to function in a manner akin to renowned payment platforms like PayPal and Venmo. That is a money transmitter...like all these apps that we know to send money, Lewis explained.

Key Licenses Secured by X

In August 2021, X was granted a Currency Transmitter License (CTL) by the state of Rhode Island. This license empowers X to incorporate cryptocurrency payments. Moreover, X acquired a money-transmitter license from Pennsylvania, which will allow users to directly link their bank accounts to X. Lewis envisions a seamless integration where users can connect their bank account to the X app and maintain a Dogecoin balance for payments and tipping.

Potential Impacts on Dogecoin's Value

Dogecoin's price performance has been rather lackluster for the majority of 2023. In contrast to Bitcoin$42,260 -0.64%'s impressive 150% surge and Solana$104 5.03%'s extraordinary 700% rally, DOGE's price has only increased by approximately 28% since January 2023.

Fueling DOGE Adoption

The integration of Dogecoin into X's payment features could provide a major boost to DOGE's adoption rate. An increase in adoption could, in turn, significantly bolster DOGE's price. However, no official confirmation on the timing of the integration has been issued by X. Elon Musk, the owner of X and a staunch proponent of Dogecoin, is expected to spearhead the integration of the popular meme cryptocurrency into the platform.

Edited by Jonathan Stoker