Popular meme asset Dogecoin (DOGE) is surging this week as billionaire Elon Musk reportedly aims to launch financial services on social media platform X by the end of next year.
According to a new one report by The Verge, the business mogul says he expects X’s extensive financial features to roll out in late 2024 and compete with traditional banks.
As Musk stated at a company-wide meeting, according to an audio recording obtained by The Verge:
“By payments I actually mean someone’s entire financial life. When it comes to money. It will be on our platform. Money or securities or whatever. So it’s not like sending $20 to my friend. I’m talking about, you don’t need a bank account…
I would be surprised if we haven’t rolled that out by the end of next year.”
X is currently working to obtain the appropriate licenses to operate its financial services in the US, the report said. There was no mention of Dogecoin in the call. However, since Musk is a known DOGE fan, Musk’s involvement in financial services tends to excite DOGE holders.
Last month, Musk shut down rumors of creating a crypto asset called “X Coin” as a means to reward content creators through the social media platform.
At the time, an X account claimed that the platform would create a digital asset specifically intended to reward users. Musk replied to the message with a simple “no,” dismissing the idea.
Meanwhile, DOGE flew this week, along with the rest of the crypto markets. The dog-themed memecoin went from $0.058 on October 19 to a peak of $0.74 on October 26. Dogecoin has since recovered and is trading at $0.69 at the time of writing.
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Generated image: Midjourney