X of Elon Musk will add "soon" trade and investment functions to the social network: report

By Hannah Pérez

The social network previously known as Twitter “soon” will allow its users to trade and invest in assets, according to the CEO, Linda Yaccarino. It is part of Musk’s ambition to make X a super app of everything.

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The social network X is prepared to launch direct financial services from the app.
X was associated with Visa last year to build a service called “X Money.”
The new trade and investment functions will be available from that service.
The CEO Linda Yaccarino advanced the information, but did not mention cryptocurrencies.

The old one Twitter It would be close to extending its functions beyond social network with new financial services.

The social network X Elon Musk is planning to integrate trade and investment capabilities of assets to its application, as reported on Tuesday the news media Financial Times (FT).

Since he acquired the social network in 2022, Musk has expressed his intention to build a super application, similar to China Wechatthat offers users both messaging and payments, finance, transportation and much more. Users could have access to “Your whole financial world”Directly from Xthe billionaire previously assured.

The company has slowly been moving towards that direction, requesting licenses as a transmitter of money in the United States and associating with Visa To allow its users to make payments directly from the application. However, despite the various efforts, these ambitions are not yet materialized.

Now, according to a new report, this Vision of Musk for X as a super application could be closer to completing. This would have advanced the CEO of XLinda Yaccarino, who assured FT in an interview that users of the social network will soon be able to make investments and other financial operations within the app.

Yaccarino’s words echoed what Musk said in the past. “You can come to X and process your whole financial life on the platform“, CEO would have pointed out, according to coverage.”And that is if I can pay you the pizza that we share last night or make an investment or an operation. So that is the future“

X will activate financial services through “X Money”

Yaccarino said that new features will cover investments and trade, and could include a debit or brand credit card, according to the report. The services within the application will be implemented first in the United States through the service “X Money“

The CEO had advanced in January the company’s company X Money Later in the year, without specifying a schedule. X Money It is the wallet that the company presented in January when it was associated with Visa which will allow users to make real -time transfers between bank accounts and digital wallets within the application.

She added this time that the service would allow users to buy merchandise, store value or tip the creators on the platform. “A trade ecosystem and a financial ecosystem will arise on the platform that does not exist today“, said.

It is not clear when X users can access the new range of financial functions, and the details are still scarce.

For a long time rumors have circulated about the possibility that these plans include support for payments with cryptocurrencies in X; Something that Musk suggested previously but has never confirmed.

Yaccarino did not specify what kind of assets the users can trade or mention cryptocurrencies.

It is worth noting that X already admits tips with Bitcoin through Lightning Network —A function that existed before Musk took over the company— and shows prices of the cryptocurrency market in real time through $ Cashtags.

Visa has also been associated with several cryptocurrency service providers to boost payments, which does not completely rule out that the last launch of X may include tokens based on Blockchain.

X You have obtained money transmission licenses in several US states, a previous regulatory requirement to store and transfer funds in username. He also drew plans to implement peer payment capabilities on his 2024 roadmap. A broader impulse in financial services will require X to meet licenses regulations and money laundering controls.

Hannah Estefanía Pérez / Diariobitcoin

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