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HomeNewsMyDoge Wallet's Game Plan: Paving the Way for DOGE Payments on X

MyDoge Wallet’s Game Plan: Paving the Way for DOGE Payments on X

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  • MyDoge Wallet CTO Alex Lewis hints at Dogecoin (DOGE) potentially being integrated into X’s payment feature.
  • X has acquired licenses to operate as a custodial service, similar to PayPal and Venmo, which could facilitate DOGE payments.

Dogecoin’s Prospective Leap into Mainstream Payments

Dogecoin (DOGE), the cryptocurrency initially started as a meme, may soon find its way into the payment features of X, as indicated by Alex Lewis, the Chief Technology Officer (CTO) of MyDoge Wallet.

Anticipating DOGE on X

In a conversation with Fabrice Calmels, Lewis discussed how the social media giant X is preparing to expand into cryptocurrency payments. By obtaining necessary licenses to become a custodial service, X is positioning itself in a manner akin to established payment platforms like PayPal, Venmo, and Cash App. This strategic move opens the door for cryptocurrencies, including Dogecoin, to be used for transactions and tipping within the X ecosystem.

In 2021, X received a Currency Transmitter License (CTL) from Rhode Island, allowing it to add crypto payments to its services. Additionally, it acquired a money-transmitter license in Pennsylvania, enabling users to link their bank accounts directly to the X app. Lewis speculated,

“You can have your bank account connected to X app, and then you have a Dogecoin balance as well that you can use for payments and tipping in parallel, so I honestly believe this was coming.“

Dogecoin’s Market Performance and Potential Rally

Throughout 2023, Dogecoin’s performance in the crypto market has been moderate, with only a 28% increase since January. This is in stark contrast to Bitcoin’s 150% surge and Solana’s impressive 700% rally in the same period. However, the potential integration of Dogecoin into X’s payment feature could significantly boost its adoption and, consequently, its market value.

The Influence of Elon Musk

Elon Musk, the owner of X and a well-known supporter of Dogecoin, plays a pivotal role in this anticipated development. His backing of DOGE has been instrumental in raising the profile of the memecoin. The integration of Dogecoin into X’s payment system could be a game-changer for the cryptocurrency, propelling it further into the mainstream and possibly catalyzing a price surge.

In conclusion, the potential for Dogecoin’s integration into X’s payment system is a development that could have significant implications for cryptocurrency adoption and usage. While there is no official confirmation from X, the anticipatory buzz around this possibility highlights the growing intersection of social media platforms and cryptocurrency payments, signaling a new era in digital transactions.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Ralf
Ralf
Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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