Dogecoin used to pay for SpaceX’s mission to the moon next year | Business and Economy News

Musk said on Twitter in April that SpaceX would put a “literal Dogecoin on the literal moon”.

SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of next year, with Elon Musk’s commercial rocket company accepting the meme-inspired cryptocurrency Dogecoin as payment.

“SpaceX is launching the Doge-1 satellite to the moon next year – mission paid for in Doge – 1st crypto in space – 1st meme in space,” Musk said in a tweet.

Geometric Energy Corporation announced the Dogecoin-funded mission on Sunday, the statement failing to disclose the mission’s financial value.

Geometric’s website describes the company as a privately held Canadian company that was originally founded to invent renewable energy technologies and has since expanded into areas such as space.

“DOGE has proven to be a fast, reliable, and cryptographically secure digital currency that works when traditional banks are unable to fully fund a commercial lunar mission,” Geometric said in the statement. “It has been selected as the unit of account for the entire lunar business between SpaceX and Geometric Energy Corporation and sets the precedent for future missions to the moon and Mars.”

“This mission will demonstrate the application of cryptocurrency beyond orbit and lay the groundwork for interplanetary trade,” said Tom Ochinero, vice president of commercial sales at SpaceX, in the statement released by Geometric Energy.

Musk said on Twitter in April that SpaceX would bring a “literal Dogecoin to the literal moon”.

Dogecoin lost more than a third of its price on Sunday after Musk called it a “hustle and bustle” during its guest-host spot on the comedy sketch TV show Saturday Night Live.

Musk’s tweets this year turned the once-obscure digital currency that started out as a social media joke into a speculator’s dream.

On the CoinGecko.com crypto data tracker, Dogecoin is up more than 800 percent in the last month and is now the fourth largest digital currency with a market cap of $ 73 billion. It hit a record high above $ 0.73 on Thursday.

Musk is also CEO of electric car maker Tesla Inc, which bought $ 1.5 billion in Bitcoin in February and would soon be accepting it as payment for its electric cars. This was a huge step towards mainstream adoption that took Bitcoin to a record high of nearly $ 62,000.