Elon Musk continues to develop X (formerly Twitter) by integrating financial services into the platform's functionalities.
Elon Musk's Ambitions for X
Elon Musk has stated his desire to make X an 'everything app,' combining social media, commerce, and finance. In an interview with the Financial Times, X CEO Linda Yaccarino confirmed that soon users will be able to invest and trade directly within the app.
Financial Features on X
X is actively developing features that will allow users to send money and manage investments. The platform has established 'X Money,' which includes a digital wallet. Users can link their debit cards to the X Wallet, thanks to a partnership with Visa that enables instant funding.
Impact of Cryptocurrencies on X and the Market
Analysts believe that embedding cryptocurrencies into everyday transactions could significantly enhance their mainstream adoption. If X Money begins to support cryptocurrencies, it would provide users with the ability to send and receive Bitcoin or Ether as easily as using social media functions. This trend is being observed in the market, where Ethereum's transaction volume has increased following news of payment functionalities.
In light of new features being offered by X, such as investments and financial transactions, Musk aims to regain users while increasing the company's profitability, despite initial declines in active user numbers.
