PANews reported on June 21 that according to Decrypt, X platform (formerly Twitter) users may not be able to send or receive cryptocurrencies on the platform in the short term. Although cryptocurrency enthusiasts have long speculated that Musk, as a major supporter of the Meme coin Dogecoin, will integrate it into X's "all-purpose application" plan, new regulatory documents show that Musk's planned payment service X Payments does not include cryptocurrency. X Payments has obtained money transmission licenses in 28 states and plans to apply in the remaining states, aiming to provide users with payment functions similar to Venmo or Zelle.
While Dogecoin supporters remain hopeful that the cryptocurrency will be integrated into payment systems in the future, the documents and statements from Musk and Twitter CEO Linda Yaccarino do not specify the specific goals of X Payments. X told regulators that it would increase user engagement through the payment platform and charge only minimal fees when it is launched.
It is worth noting that after Musk completed the acquisition, X's revenue in the first half of 2023 fell 40% year-on-year, and it may need to make up for the losses through new initiatives. However, increasing user engagement is also a challenge for X, as customers are very loyal to banking and payment services.