Elon Musk has announced the launch of X Money, a new money transfer system on the X platform (formerly Twitter), scheduled for April.
X Money will be the platform’s native digital wallet, allowing users to manage money more easily, from peer-to-peer transfers to paying everyday bills, all at their fingertips.
Interestingly, X Money offers attractive benefits such as 6% return on account balances and cashback via physical or virtual debit cards, making it more than just a regular digital wallet.
With a partnership with Visa and licenses from over 40 states in the United States, the system will start operations with fiat money first, with plans to introduce cryptocurrencies later this year.
X Money now allows for real-time trading of stocks and cryptos directly in users’ feeds via ‘Smart Cashtags’ such as BTCUSD for Bitcoin and ETHUSD for Ethereum.
Furthermore, the partnership with Visa will enable instant global money transfers using the USDC stablecoin, making it very practical for users around the world.
However, like all great innovations, X Money has not been without its critics.
There are concerns that flagged accounts may face a freeze of funds, an issue that has been a concern for many users ahead of the official launch.
