EddieJayonCrypto
28 Jan 25
Ad X, formerly known as Twitter, has partnered with Visa to launch the X Money Account, a digital wallet for fund transfers and peer-to-peer payments. The platform aims to integrate seamless payments and banking functionalities, aligning with Elon Musk's vision of transforming X into an all-encompas...
X, formerly known as Twitter, has partnered with Visa to launch the X Money Account, a digital wallet for fund transfers and peer-to-peer payments. The platform aims to integrate seamless payments and banking functionalities, aligning with Elon Musk's vision of transforming X into an all-encompassing "everything app." The X Money Account is set to launch in the first quarter of 2025 and may expand to include high-yield accounts in the future.
The development aligns with Elon Musk’s vision of transforming X into an all-encompassing “everything app.” When Musk acquired Twitter in 2022 for $44 billion, he hinted at plans to incorporate robust financial tools. X Money represents the first significant move in this direction, aiming to integrate seamless payments and banking functionalities into the platform. The company has already secured licensing in 41 US states and is registered with the Financial Crimes Enforcement Network (FinCEN), ensuring compliance with regulations governing money services. This legal groundwork allows X to facilitate financial transactions while expanding its offerings.
X’s push into finance builds on its history of innovation. Under former CEO Jack Dorsey, the platform introduced Bitcoin tipping in 2021. The launch of X Money marks a significant evolution of that foundation, which will now focus on broader financial services. The X Money Account will allow creators on the platform to accept payments and manage funds without third-party institutions. Sources familiar with the rollout told CNBC that additional partnerships with financial institutions are being developed to enhance the service following its launch. However, they did not provide further details. Musk’s ambitions for X extend beyond basic financial services. He has previously suggested that X Money could evolve to include features like high-yield accounts, further solidifying its role in users’ financial lives.