The anticipation that Dogecoin will feature in the new payment app from X is high after its latest Visa partnership
After several months of anticipation, Elon Musk’s X will finally introduce payment services on the social media app. On Tuesday, X CEO Linda Yaccarino hinted at the new development, stating that it will debut later this year. Noteworthy, this move brings the former Twitter platform to becoming the “everything app” like Musk had always wanted.
Features of Musk’s X Money
As this service is named, X Money has been described as a solution “for all your money moves.” X intends to offer this service with the global payment service provider Visa. According to Yaccarino, X Money will facilitate peer-to-peer payments with debit cards and an “X Wallet” via Visa Direct.
She further suggested that users can instantly transfer funds to a bank account. In the meantime, no reference to a specific cryptocurrency has been made, not even Dogecoin (DOGE), which strongly connects with Elon Musk. For the longest time, DOGE thrived on speculations surrounding Musk’s businesses, including Tesla, SpaceX, and even X.
Three years ago, the canine-themed memecoin saw a price surge after Musk hinted at the possibility of having Dogecoin as a payment method for premium X subscriptions. Noteworthy, the premium X subscription is a service referred to as Twitter Blue at the time.
For now, DOGE is in a critical position as it faces an intense volatility streak. The dog-themed token is gradually approaching the $0.30 support level, and traders are unsure if it will hold or if the price will fall to $0.26. CoinMarketCap data shows that the coin trades at $0.3318, down 0.76% in the past 24 hours.
Visa in the Cryptocurrency Ecosystem
This is not Visa’s first collaboration with a crypto-focused firm. One of its recent partnerships was with Coinbase, the American cryptocurrency exchange that is currently in the middle of rethinking its token listing strategy. This deal seeks to allow Visa debit card holders to make instant deposits, enabling real-time cryptocurrency purchases.
This presents users with real-time, 24/7 access to trading opportunities.
As it stands, Visa is still looking to explore potential opportunities in the stablecoin and asset tokenization market. This mission influenced its alliance with Spanish banking giant BBVA last year. Together, they launched the Visa Tokenized Asset Platform (VTAP), which is focused on facilitating the issuance and experimentation of fiat-pegged stablecoins.
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