The popular meme asset Dogecoin (DOGE) is surging this week as billionaire Elon Musk reportedly aims to launch financial services on the social media platform X by the end of next year.
According to a new report by The Verge, the business magnate says he expects X’s comprehensive financial features to roll out by the end of 2024 and compete with traditional banks.
As stated by Musk in a company-wide meeting, according to an audio recording obtained by The Verge,
“When I say payments, I actually mean someone’s entire financial life. If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account…
It would blow my mind if we don’t have that rolled out by the end of next year.”
Currently, X is working on obtaining the proper licenses to be able to operate its financial services in the US, according to the report. There was no mention of Dogecoin in the call. However, since Musk is a well-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 of rewarding content creators over the social media platform.
At the time, an X account claimed that the platform was going to create a digital asset specifically for rewarding users. Musk replied to the message with a simple “no,” shooting down the idea.
Meanwhile, DOGE has been flying this week, along with the rest of the crypto markets. The dog-themed memecoin went from $0.058 on October 19th to a peak of $0.74 on October 26th. Dogecoin has since retraced and is moving for $0.69 at time of writing.