The platform X, previously known as Twitter, is preparing to implement new financial tools that will enable users to trade cryptocurrencies and stocks directly on the platform. This was announced by the company's CEO, Linda Yaccarino.
New Features of X: Development Progress
Linda Yaccarino stated that the company is developing comprehensive financial tools for users, including the ability to make payments and investments. In an interview at Cannes Lions, she noted:
"You will be able to use X to manage your entire financial life."
Rollout Plan for X Money and Financial Tools
X is rolling out its financial services in stages. Initially, it will introduce X Money — a new digital wallet and P2P payment system that will first launch in the US and then expand to other countries. This system will support features like tipping, saving, and purchasing directly within the app. The company also plans to launch an X-branded credit or debit card as early as this year.
Unpredictable Relationships with Advertisers
Despite plans for the introduction of financial tools, X faces challenges in attracting advertisers. Following Elon Musk's acquisition, many brands pulled their advertising, leading to a sharp decline in revenue. Linda claims that 96% of pre-acquisition clients have returned, but advertisers still express uncertainty over the uncontrollable content on the platform.
The plans to implement financial tools signify a significant expansion of possibilities for platform users. However, the company must address its issues with advertisers and regulatory compliance.
