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Elon Musk: No cryptocurrency on X Payments, aka the “Venmo-Like” service: Tech: Tech Times
It is well known that Elon Musk is a big supporter of cryptocurrencies, but his upcoming X Payments service will not include or support cryptocurrencies in any way. As more fintech companies and services add support for cryptocurrencies, X’s upcoming Venmo-like payment service, due to arrive this year, will not join the adoption.
For many years, the tech billionaire has flaunted his faith and passion for cryptocurrency, previously allowing users to purchase electric vehicles and Tesla services with Dogecoin and more.
Elon Musk says no to cryptocurrencies for X Payments
New documents behind Elon Musk’s soon-to-launch X Payments service reveal that the company will not add or support cryptocurrency transactions, according to Bloomberg relationship (through Fortune). The latest 350-page documents and emails, delivered to 11 states and their regulators, show its licenses and plans for the service.
(Photo: Kevin Winter/Getty Images)
In its statement to Maine, the company said it has “no plans” to allow digital assets to be stored in a wallet on X and to send or receive cryptocurrencies.
According to Bloomberg, Facebook’s attempt in 2019 indicates that social media platforms have historically had difficulty incorporating crypto transactions.
Read also: Elon Musk announces Tesla shareholders support his $56 billion pay package
Will a Venmo-like service arrive later this year?
Despite being known as supporters of the cryptocurrency, Elon Musk and
Recent reports and these latest documents suggest that X’s “Venmo-like” payment service is coming this year, with Musk rushing to bring it before the end of 2024.
Elon Musk and cryptocurrency
When Musk was just an active member of the social media site known as Twitter, he was a staunch supporter of cryptocurrency and, on several occasions, advocated for its global adoption. His support is more than words, as he has previously allowed the purchase of Bitcoin and Dogecoin for electric vehicles and Tesla products he subsequently abandoned BTC amid its use of coal for its mining energy needs.
Although Musk is not the father of Dogecoin, the meme cryptocurrency largely associated with him, he has been one of its avid supporters since it was introduced and since it revived in 2021. He has often been seen talking about Dogecoin and interact with its creatorBilly Markus, even going so far as to claim it believes in the “supremacy” of $DOGE.
To date, Musk has yet to sell his cryptocurrency investments, aside from Tesla selling its Bitcoin assets in 2022. He has since been vocal in his support of digital assets, particularly DOGE. However, his belief is not enough to venture into adding crypto transactions for X Payments, a supposed “app for everything,” in its speculated future launch this year.
Related article: X Payment services coming soon? Elon Musk is in a hurry to launch it, reports say
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