X (Twitter) will Launch Payment Services in Mid-2024

X (Twitter) will launch payment services in mid-2024.

Elon Musk’s Social Network X is expected to launch a payment service around mid-2024. However, cryptocurrency integration is still unclear.

In an online Q&A with Cathie Wood from ARK Invest on platform X on December 21, Elon Musk expressed hope to complete all necessary legal procedures to launch a payment service next year. The billionaire seemed quite confident that they would receive the license, although the company was a little late in submitting all the documents.

Looking forward to talking with @elonmusk today at 5 pm ET on X Spaces! Can’t wait to hear his thoughts on the AI space, bitcoin, and so much more. Join us. https://t.co/LAdIzl7QAa

— Cathie Wood (@CathieDWood) December 21, 2023

By August 2023, X had obtained a payment processing license in the state of Rhode Island (USA) and is currently awaiting approval from the states of Arizona, Georgia, Maryland, Michigan, Missouri and New Hampshire. This is an important condition for X to be able to perform cryptocurrency payment, storage and trading activities.

Before changing its name from Twitter, the social network demonstrated its openness to the world of cryptocurrency, including the integration of Bitcoin/Ethereum wallets, support for setting avatars as NFTs, and there was also news Rumors about creating its own currency called Twitter Coin and building a wallet for it. As Elon Musk takes the helm, the cryptocurrency community hopes that they will have the opportunity to use their favorite cryptocurrencies like Dogecoin (DOGE) and Bitcoin (BTC) in the new payment system by X.

Despite being a former memecoin shill, the Tesla CEO has never confirmed integrating the cryptocurrency into his new social network. Recently, he became tight-lipped and limited mentioning this issue, even affirming that X will not issue its own tokens. Some people think that the social network can directly use DOGE as its main currency, so there is no need to launch another token.

On the other hand, Tesla has kept $184 million in Bitcoin (BTC) tight on its balance sheet for five consecutive quarters. The electric car company has long allowed customers to pay with Dogecoin when shopping at the Tesla Shop.

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The 2022 report also revealed that Musk’s infrastructure and tunneling company The Boring Company accepted Dogecoin payments for trips on the Las Vegas transit system.

Elon Musk once said that he views money and digital assets as a database for resource allocation. He argues that fiat currencies still provide value if they are not controlled in supply.