tl;dr
X, formerly Twitter and owned by Elon Musk, is accelerating its shift into fintech by integrating in-app payments and trading features. The platform plans to enable users to conduct everyday transactions like purchases and tipping, as well as more advanced financial activities such as investing and ...
Elon Musk's X, formerly known as Twitter, is evolving rapidly from a social media platform into a comprehensive fintech powerhouse. By integrating in-app payments, trading, and plans for a branded debit or credit card, X aims to become an “everything app” that fuses social media, entertainment, commerce, and financial services.
Under the leadership of CEO Linda Yaccarino, the platform has enhanced user engagement through features such as AI tools, live video streaming, audio calls, and encrypted messaging with disappearing messages via the upcoming XChat. These additions have contributed to rising user activity and broader functionality beyond conventional social networking.
X is building this fintech ecosystem by developing the X Money Account digital wallet in partnership with Visa, which supports peer-to-peer payments and fund transfers. The company’s recent acquisition of money transmitter licenses across multiple U.S. states and registration with FinCEN equip it with the necessary regulatory approval to offer an array of financial services legally.
Despite Elon Musk’s well-known enthusiasm for cryptocurrency and the crypto holdings of his other ventures like Tesla, X has yet to confirm any support for digital asset transactions or the launch of a platform-specific token. While speculation about crypto integration remains high within the community, no concrete plans have been announced, leaving this fintech giant’s stance on digital assets an open question.