The development of XPayments, the new payments network hyped by Elon Musk last year, is in full swing for a possible launch by the end of 2024. X has already obtained licenses for its operation in 18 states as of yesterday’s tally.
According to a report, the following states have already approved XPayments as Money Transmitter:
- Arkansas
- Arizona
- Florida
- Georgia
- Iowa
- Kansas
- Maryland
- Michigan
- Mississippi
- Missouri
- Nevada
- New Hampshire
- Pennsylvania
- Rhode Island
- South Dakota
- Utah
- Virginia
- Wyoming
More states are expected to greenlight the payment services provider soon.
What is XPayments
Based on the previous interviews of the head honcho of the X group of companies, Elon Musk, XPayments is primed as a dedicated peer-to-peer payment service provider that will allow fund transfers without needing a bank account. It is also expected to include cryptocurrency support, but details about this aspect are still under wraps, other than the confirmation that it will have Bitcoin (BTC) and Ethereum (ETH) tipping as well as a non-fungible token (NFT) profile picture functionality.
XPayments is supposedly an overhaul of Twitter in its transformation into an “everything app” as Musk suggested. Therefore, the plan for it is to operate like China’s WeChat with an integrated social media network and payment system. The billionaire hinted at other features, too, like dating, TV, and job recruitment networks within the app.
HODLers Going Bullish for DOGE
So far, there’s no mention of the XPayments supporting Dogecoin (DOGE). However, considering the strong links of Musk with the altcoin, the crypto community expects the upcoming payment platform to support it.
This was evident during Musk’s confirmation of his plans for the payments portal a few weeks ago. DOGE pumped by around 14% in the immediate aftermath of his announcement, which showed a great deal of confidence in the coin’s inclusion.
DOGE Now
There’s a lack of an official statement from Musk about XPayments despite the latest progress. We are yet to get a post on the platform’s official X profile as well.
Due to these, DOGE has displayed little movement on the 24-hour chart. As of this writing at 7:00 AM UTC, Dogecoin is trading at $0.0787 showing a dip of 0.37% within the day. Meanwhile, the coin’s trading volume has dropped by 20% as only $155.9 million worth of its circulating supply was traded within the same period as the prices hovered between a $0.0784 low and a $0.0794 high.