What is x Money?

Elon Musk Money, the President of the Ministry of Government Productivity (DEGE) and the owner of the X platform, announced his digital wallet. X In this new system, Visa’s real -time money transfer solution will use Visa Direct.

What is X Money and how will it work?

X Money is expected to function as a versatile payment platform by providing potentially spouses’ transfers, e-commerce integration and even crypto currency transactions. According to Linda Yaccarino, X CEO, X Money is part of the company’s users’ wider strategy in binding in the ways that are thought to be “never possible”. This move returns to Musk’s role in Paypal and coincides with its long -standing interest in financial technology.

This is the first concrete step by the X to create a financial ecosystem for the social media platform called Twitter before the acquisition of Musk in 2022. At the time, Musk, the CEO of Tesla at the time, said that it was a way to create a “everything application” to buy $ 44 billion. He said that the platform will then allow users to carry out their “all financial worlds”.

In 2021, the company launched a Bitcoin tip that allows users to add crypto wallet addresses and receive payments in the world’s largest digital tokene. However, as a money service business in the USA, gaining status required to navigate in a much more complex regulatory environment.

Musk has been applying for these licenses for X for more than a year. According to the website, X Payments LLC 41 is licensed and registered to the financial crimes implementation network or Fincen. The X Money service is expected to be started in the first quarter and is likely to make an agreement with more financial partners.

Role of Crypto Coins in X Money

X One of the most interesting aspects of Money is the possible integration with crypto currencies. He implied many times his interest in including digital assets in Musk projects, known for his support to Dogecoin (Doge). In fact, Tesla, another of Musk’s companies, accepts Dogecoin as a payment method for some products.

X Money Visa Partnership

Visa is the first partner of the “X Money” service, which is planned to be released later this year. According to Visa, who shares the partnership, these services will be supported by Visa Direct, which is instantly money transfer service and will be presented to users in the USA.

It is not yet known whether X Money will be presented to consumers in other countries in the near future and perhaps additional payment partners. In addition, a definite date for the US launch has not yet been announced.