Elon Musk’s social media platform, X, will soon integrate various financial services, enabling users to make payments and investments directly within the app.
In a recent interview with the Financial Times, X CEO Linda Yaccarino said the platform’s estimated 600 million users will eventually “be able to transact [their] whole life on the platform,” from sending money to managing investments.
The company is also considering launching an X-branded credit or debit card, potentially later this year.
X’s foray into financial services is hardly surprising, given that Musk has already confirmed beta testing for the X Money payment and banking app.
In response to a May 25 social media post, Musk said “extreme care must be taken” in the pilot phase since “people’s savings are involved.”
The official X Money account teases a 2025 launch.
Yacarrino told the Financial Times that the X Money payment app would first launch in the US, calling it a “whole commerce ecosystem and a financial ecosystem.”
Related: Elon Musk says X’s DM feature XChat to have ‘Bitcoin-style encryption’
No mention of crypto in X Money yet
Neither Yaccarino nor Musk has confirmed whether crypto payments will be part of X’s financial ecosystem, despite Musk’s well-known support for Dogecoin (DOGE), the popular dog-themed memecoin launched in 2013.
In March 2024, Musk said DOGE could be used to buy Teslas “at some point,” though he gave no timeline. Crypto users took this as a sign that the entrepreneur could soon roll out crypto payment support across all his companies.
While X has remained silent on potential crypto payment integration, other companies are moving forward with digital asset payment solutions.
As reported by Cointelegraph, Visa is promoting stablecoin adoption in Africa through its partnership with Yellow Card Financial, a payment processor that has facilitated over $6 billion in transactions since 2019.
Major US institutions have also shown interest in entering the crypto payment space. JPMorgan Chase recently filed a trademark application for its JPMD deposit token, which supports various crypto-related services.
On Tuesday, JPMorgan said it would pilot JPMD transactions on Coinbase’s Base network.
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