Elon Musk launches invite-only X Money where users can send cash to one another

Elon Musk's social media company X, formerly known as Twitter, has launched a new financial service called X Money in the United States. This service allows users to send money to one another and is designed to function similarly to existing payment platforms like Venmo. X Money is not a standalone bank; it utilizes technology and banking services provided by Cross River Bank, branding this infrastructure as X Money. This approach is common among new financial companies, as establishing a new bank can be a lengthy and expensive process (The Verge, Engadget). Currently, X Money is available exclusively to subscribers of X Premium and Premium+ plans. The service includes features such as a digital wallet, peer-to-peer payments, and a customizable metal Visa card that users can emblazon with their X username. Additionally, X Money supports Apple Wallet and offers free money transfers on the platform. The service advertises an annual percentage yield (APY) of "up to" 6 percent, although this rate is exclusively available to Premium Plus subscribers. Standard Premium subscribers must meet specific deposit requirements to qualify for a "boosted" 6 percent APY (The Verge, TechCrunch). Previously, X Money was limited to an invite-only beta phase, but it is now being rolled out more broadly to eligible subscribers in the U.S. This launch is part of Musk's broader vision to transform X into an "everything app," integrating various services into a single platform. The introduction of X Money marks a significant step in this direction, as it combines social media with financial services, aiming to enhance user engagement and functionality within the app (Engadget, The Verge). The rollout of X Money represents a strategic move by Musk to expand the capabilities of the X platform. By integrating financial services, X aims to increase user interaction and provide a more comprehensive suite of tools for its subscribers. As the service becomes available to a wider audience, it is expected to attract more users to the platform, furthering Musk's vision for X (The Verge, Engadget).