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Elon Musk’s X To Add Payments Feature, CEO Confirms

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The CEO of X, the platform beforehand generally known as Twitter and owned by Elon Musk, shared a video yesterday displaying that the corporate will quickly roll out a function enabling customers to ship cash to one another.

Twitter simply secured a money-transmitter license in Rhode Island final month, one in all seven states the place it has obtained such regulatory approval. This license permits X to retailer and switch fiat and crypto on behalf of customers.

After shopping for Twitter, Musk instructed that X customers would have the ability to ship cash, join their financial institution accounts, and probably earn a excessive yield on their stability, as a part of a grasp plan to launch an “the whole lot app” with funds, e-commerce, and social media.

Based on a Monetary Instances report, two folks conversant in X’s plans mentioned that Musk needed a fiat system first, however constructed in order that crypto performance may very well be added later.

Final yr, Twitter added Ethereum and Bitcoin to its Ideas function, permitting Twitter customers to tip others utilizing crypto.

Musk has lengthy had ambitions to construct an internet banking establishment. In 1999, he co-founded an internet monetary service known as X.com, which developed into PayPal after merging with one other funds startup a yr later.

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