. These Key Takeaways
An insider leak at the US Securities and Exchange Commission (SEC) tipped off investors that Elon Musk is working on transforming X (formerly Twitter) into an “updated version of PayPal”.
Musk, a dogecoin-enthusiast billionaire, had created the original PayPal in 2000, which was later sold to eBay.
Fox Business News correspondent Charles Gasparino said Musk is currently talking with Wall Street firms top managers to decide on the fate of his social media platform.
In the meantime, content creators with thousands of followers on X have been enjoying platform’s payout.
Amidst a fluctuating 2023, Bitcoin and altcoins have seen drastic rises and falls due to news headlines including. These also included the involvement of BlackRock and other financial institutions. Also crypto institutions winning battles against the SEC moved the market.
Now, Musk, the original creator of PayPal (originally called X.com, before the Cofinity merger), might be setting up to create a new PayPal through his social media platform.
Musk’s plans for X to be the “everything app” inspired by its Chinese counterpart WeChat is not a secret. Speculators rumored that Musk/X might be creating a cryptocurrency of their own, altough Musk publicly denied this speculation.
X and Musk did not immediately respond to a request for comment.
However, Musk is known to support Dogecoin, a memecoin that Tesla accepts as a form of payment. Moreover, when announcing Twitter rebranding into X, Musk included the Dogecoin symbol Ð in the location section of his X profile.
As X is already paying content creators on its platform, the company has already entered the financial sector.
If rumors about X entering the crypto trading market are true, activity on the platform may surge. This may bring in more users interested in the social aspect of the platform.
As a result, Dogecoin may see a value increase due to increased exposure, which in turn may attract further investments into the memecoin.
Earlier this month, PayPal announced the launch of PYUSD, the company’s native stablecoin which pegs its value to the US dollar.
The move saw its fair share of scrutiny from both private and governmental parties. From Binance’s Changpeng Zhao calling stablecoins a “black box”, to reports showing a significant decline in stablecoin trading activity, all the way to representatives of the government expressing their dismay at the announcement, calling for stricter regulation against the FinTech giant.
On the other hand, Gavin Michael, the chief executive of Intercontinental Exchange-owned bitcoin custody company Bakkt says “We saw PayPal introduce its stablecoin—that also acts as a stamp of approval.
“We’re starting to see people settling transactions over stablecoins, whether they’re minted on a private or public blockchain and we like that as well because what it’s starting to show is that the technology itself is making conventional financial services better.”