X (previously known as Twitter) makes efforts to integrate financial services directly into its ecosystem and to go beyond its roots in social networks, The Financial Times reported on June 19.
According to the report, the Social Media Giant is preparing to have users perform a wide range of financial transactions within the app. This includes daily payments such as buying food or tipping makers of content, as well as more advanced tools for investing and transfers of digital funds.
X CEO Linda Yaccarino also confirmed that the company is investigating the brand or credit card from the brand by the end of the year.
Yaccarino, who took over course in 2023 after Elon Musk had acquired the social media platform, supervised a period of rapid transformation.
Under her leadership, X has added possibilities such as AI Tools, Live Video, Audio Calls and the soon to launch XChat, a upgraded message system with encrypted communication and disappearing messages.
These changes have increased involvement, with usage statistics that are stimulated upwards in the past quarters.
“Everything app”
These movements are part of a broader strategy to evolve X into a “Everything app”, which, following the long -term vision of Musk to combine social media, entertainment, payments and trade under one platform.
In the meantime, the new financial functions are expected to build on earlier initiatives such as X Money and a peer-to-peer payment system.
The Musk platform in particular has entered into a partnership with Visa to develop the X Money account, a digital wallet that supports fund transfers and peer-to-peer payments.
X has obtained money channel licenses in more than 4 US states and is registered with Fincen to support the growing fintech stack. These legal movements give the company a green light to offer many types of financial services in large important areas of law legally.
Crypto integration?
Despite this progress, it is unclear whether digital activities transactions will be part of the range of the platform.
This is surprising in view of the fact that Musk has consistently shown interest in crypto and some of his companies, such as Tesla, keep Bitcoin on their balance sheets.
However, his social media platform has not confirmed any plans to support crypto transactions. There is also no indication that the platform will launch a token, despite increased speculation of the community.
Yet many users expect X to embrace digital assets, given the technical direction and Musk’s pro-crypto-dispersion.
