X Money Launch Spurs Expectations for Future Crypto Payments
Summary
- The launch of social media platform X Money for U.S. premium users is fueling expectations that cryptocurrency payment features could be added later.
- Built on infrastructure from Cross River Bank, the service offers fiat transfers, along with a Visa debit card and deposit interest benefits for some users.
- Cross River Bank's history of working with blockchain and fintech companies is fueling speculation that cryptocurrency payment features involving Ripple (XRP) and stablecoins could be added.
Forecast Trend Report by Period
Social media platform X, formerly Twitter, has launched its in-house payments service, X Money, fueling expectations that cryptocurrency payment features could be added later.
Catena reported on July 2 that X Money was released to U.S. Premium and Premium Plus users on June 26, after beta testing for some users in March and April.
X Money currently runs on payment infrastructure from Cross River Bank in the US. Users can send and receive fiat currency within the platform. Some users also receive access to a Visa debit card and interest on deposits.
X Money is a key part of Elon Musk's "everything app" strategy for X. Musk, the chief executive officer of Tesla, has repeatedly outlined plans to build X into a platform combining social media, messaging, e-commerce, payments and financial services.
The market is also watching for potential crypto payment functions. Because Cross River Bank has a track record of working with blockchain and fintech companies, some speculate that payment options tied to digital assets such as Ripple's XRP and stablecoins could be added later.
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