On March 10, Elon Musk posted about launching early public access to X Money next month. The post garnered 5.4 M views and generated discussions in the crypto community about the potential for DeFi and trading.
X Money has been in development since 2022, following Musk's acquisition of the platform. The project is designed as a financial layer for the social network, where payments, accounts, and investment tools operate directly within the user feed.
By March, the company completed internal testing. Backers who supported the external beta fundraising received early access to the service and a $25 bonus.
X Money Features
The service allows users to send and receive money, create payment requests, deposit fiat, and receive direct deposits. User balances offer an annual yield of up to 6%.
The app will also feature high-yield accounts, credit products, and access to treasury instruments and money market funds. Developers added a system of smart cashtags displaying real-time stock prices. Users can track quotes and execute trades through them directly within X.
This approach ties financial operations to the platform's main feed — keeping payments, investments, and market discussions in a single interface.
Crypto Aspects of the Launch
X has an audience of over 600 M users, so the rollout of X Money could drive an increase in people interacting with crypto assets. Amid online discussions, traders also link the service to a potential spike in DOGE volatility and growth in P2P transfers.
X Money enters a market already occupied by Venmo and Cash App. Discussions on X reflect both an interest in potential in-feed trading and doubts regarding the security of financial operations within a social network.