Dogecoin Price Surges 16% as X Payments Expands in the US
The Dogecoin price is experiencing a significant increase today, rising by 16% following the news that X Payments, led by Elon Musk, has obtained money transmitter licenses in three additional US states. This milestone marks a crucial phase of expansion for X Payments within the US financial regulatory landscape, as the company now holds licenses in Illinois, New Mexico, and Oregon.
NEWS: X Payments receives 3 more licenses including Illinois, New Mexico and Oregon. pic.twitter.com/wIMhhFPCwd
— X News Daily (@xDaily) March 21, 2024
Strategic Expansion and Regulatory Compliance
X Payments LLCโs strategic pursuit of money transmitter licenses demonstrates its ambition to establish a strong presence across the United States. With the acquisition of these three new licenses, X Payments now operates in a total of 22 states, marking a significant step towards achieving national coverage.
The decision to expand into Illinois, New Mexico, and Oregon reflects a calculated approach to navigating the complex landscape of state-level financial regulations.
Recently, Elon Musk shared his ambitious timeline for the rollout of payment features for X during a conversation with Cathie Wood, CEO of Ark Invest. Musk envisions an โeverything appโ similar to Chinese WeChat, which combines financial transactions, social interactions, and multimedia communications.
Another crucial achievement in terms of regulatory compliance is X Paymentsโ registration with the Financial Crimes Enforcement Network (FinCEN) as a money service business (MSB). This designation is essential for operating within the US financial ecosystem and ensures adherence to anti-money laundering (AML) and counter-terrorist financing (CTF) standards.
The potential integration of cryptocurrencies, particularly Dogecoin, into X Paymentsโ payment solutions has generated significant anticipation. The association between X Payments and Dogecoin, fueled by Elon Muskโs affinity for the memecoin, has had a tangible impact on its valuation and investor sentiment.
Dogecoin Price Surges by 16%
In the past 24 hours, the price of Dogecoin has skyrocketed to $0.1551, representing a 16% increase. This bullish trend is further supported by Coinbase Derivativesโ decision to launch Dogecoin futures, which has been approved by the US Commodity Futures Trading Commission (CFTC). This move not only enhances Dogecoinโs market liquidity but also solidifies its status as an investable asset within the broader cryptocurrency ecosystem.
Coinbase Derivatives will launch the first leveraged and CFTC-regulated futures contracts for Bitcoin Cash, Dogecoin, and Litecoin in April!
Stay tuned to find out when these contracts will be available to trade on our partner platforms. pic.twitter.com/MfUBrjuNsA
— Coinbase Institutional
(@CoinbaseInsto) March 21, 2024
Last week, Elon Musk expressed his desire to accept DOGE as a payment method for Tesla cars in the near future. In a viral video capturing Muskโs visit to Giga Berlin, he stated, โWhen can you buy Tesla with Dogecoin? At some point, I think we should enable that.โ Musk also mentioned that Tesla merchandise can already be purchased with DOGE, further fueling speculation about the inclusion of Dogecoin in X Paymentsโ offerings.
In January, the establishment of an X Payments account on X hinted at the companyโs plans to introduce new services within the year. While there have been no specific details about the payment features X Payments intends to roll out, market participants speculate that Dogecoin (DOGE) may be included due to Elon Muskโs sporadic references to the cryptocurrency.
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