Elon Musk’s X takes first step toward ‘everything app’ with Visa deal


X, the platform formerly known as Twitter, announced its first foray into financial services in partnership with Visa.

The initiative introduces the X Money Account, a digital wallet allowing users to transfer funds, make peer-to-peer payments, and connect with traditional banking. Visa will power these features, enabling users to manage their money directly on the X platform.

CEO Linda Yaccarino confirmed the partnership in an official announcement, describing the development as a step toward building a financial ecosystem within the platform.

The X Money Account is slated for launch in the first quarter of 2025.

Despite its historical interest in the technology, the platform did not mention crypto or digital assets in the announcement. It is unclear if the X Money Account will support crypto transactions in the future.

Social Media to Finance

The development aligns with Elon Musk’s vision of transforming X into an all-encompassing “everything app.” When Musk acquired Twitter in 2022 for $44 billion, he hinted at plans to incorporate robust financial tools.

X Money represents the first significant move in this direction, aiming to integrate seamless payments and banking functionalities into the platform.

The company has already secured licensing in 41 US states and is registered with the Financial Crimes Enforcement Network (FinCEN), ensuring compliance with regulations governing money services.

This legal groundwork allows X to facilitate financial transactions while expanding its offerings.

New opportunities for users

X’s push into finance builds on its history of innovation. Under former CEO Jack Dorsey, the platform introduced Bitcoin tipping in 2021.

The launch of X Money marks a significant evolution of that foundation, which will now focus on broader financial services. The X Money Account will allow creators on the platform to accept payments and manage funds without third-party institutions.

Sources familiar with the rollout told CNBC that additional partnerships with financial institutions are being developed to enhance the service following its launch. However, they did not provide further details.

Musk’s ambitions for X extend beyond basic financial services. He has previously suggested that X Money could evolve to include features like high-yield accounts, further solidifying its role in users’ financial lives.

Mentioned in this article
Blocscale
  • Umair

    Muhammad Umair is a passionate content creator, web developer, and tech enthusiast. With years of experience in developing dynamic websites and curating engaging content, he specializes in delivering accurate, informative, and up-to-date articles across diverse topics. From gaming and technology to crypto and world news, Umair's expertise ensures a seamless blend of technical knowledge and captivating storytelling. When he's not writing or coding, he enjoys gaming and exploring the latest trends in the tech world.

    Related Posts

    NYSE proposes rule change to allow ETH staking on Grayscale’s spot Ether ETFs

    Asset manager Grayscale plans to introduce staking to its spot Ether ETFs but says it will not guarantee or promote any specific level of returns to investors.

    Coinbase’s Strong Q4 Performance Blows Past Wall Street’s Predictions

    The exchange more than doubled its year-on-year revenue and posted Q4 earnings per share 109% higher than analyst estimates. Strong Q4 Showcase: Coinbase Beats Estimates, Defying Market Predictions Cryptocurrency exchange…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    NYSE proposes rule change to allow ETH staking on Grayscale’s spot Ether ETFs

    • By Umair
    • February 15, 2025
    • 1 views

    With Trump’s Help, Intel Could Hand Control of Chip Plants to TSMC

    • By Umair
    • February 15, 2025
    • 4 views
    With Trump’s Help, Intel Could Hand Control of Chip Plants to TSMC

    Coinbase’s Strong Q4 Performance Blows Past Wall Street’s Predictions

    • By Umair
    • February 15, 2025
    • 3 views
    Coinbase’s Strong Q4 Performance Blows Past Wall Street’s Predictions

    Federal workers express shock, anger over mass layoffs: “You are not fit for continued employment”

    • By Umair
    • February 15, 2025
    • 3 views
    Federal workers express shock, anger over mass layoffs: “You are not fit for continued employment”