Tesla Enables DOGE Payments
- A month after Elon Musk revealed Tesla’s plans for DOGE, the electric car company added the cryptocurrency as a payment option for its merchandise.
- Sales made with the meme coin will be considered final, and the items “cannot be returned, exchanged, or canceled”.
Shutterstock
The world’s largest electric car manufacturer, Tesla, has started accepting Dogecoin (DOGE) as payment for its merchandise, the CEO of the company, Elon Musk, revealed through Twitter on 14 January.
According to the company’s support page, the price of Tesla items will now be displayed in both U.S. dollars and DOGE on the website, with the company clarifying that it will not be accepting any other cryptocurrency other than DOGE. Tesla also warned customers that non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser. The company’s support page states:
“When checking out with Dogecoin, the payment page will display the Tesla Dogecoin wallet “address” in both an alphanumeric code and a QR code form for you to connect to your Dogecoin wallet to transfer the Dogecoin. It is the responsibility of the purchaser to ensure that Dogecoin is transferred to Tesla’s Dogecoin wallet accurately.”
The payment option has some limitations, however, with the website indicating that sales made with the digital currency are considered final, and that the items “cannot be returned, exchanged, or canceled”. This is not the first time the electric car company has accepted crypto for its products, with Tesla enabling Bitcoin (BTC) purchases in March 2021. The pilot program was short lived, however, and the company removed its support for the digital asset a few months later.
Musk revealed his plans for DOGE last month, when he tweeted that “Tesla will make some merch buyable with Doge & see how it goes”. Shortly after it was made available as a payment option on Tesla’s website, the meme coin’s price jumped by 11% and is now being traded for $0.19 a piece.
- Twitter CEO Elon Musk changed the social media platform’s iconic blue bird logo with that of the famous meme cryptocurrency on Monday, causing a 25% surge in DOGE price.
- The icon change was made only a couple of days after Elon Musk tried to dismiss a $258 billion lawsuit that alleged he had used his social media presence to manipulate the price of DOGE.
Shutterstock
- Google Cloud will enable crypto payments early next year, though the feature will initially be available only to a select group of customers already active in web3.
- As part of the deal, Coinbase has agreed to move some of its data-related applications from Amazon Web Services to Google Cloud.
- The company’s 10-Q filing with the SEC revealed Tesla had made a $64 million profit from selling its Bitcoin in the second quarter of 2022.
- The electric car manufacturer also reported an impairment loss of $170 million, which was the result from changes to the carrying value of its BTC holdings.