Gate News message, April 27 — Elon Musk announced that X plans to open early public access to X Money in April, adding payments and banking tools to expand the platform’s functionality. The service is expected to include peer-to-peer transfers, a Visa debit card, cash back rewards, and savings yields, though final features and full rollout timing remain unconfirmed.
Early screenshots show a 6.00% annual percentage yield (APY), significantly higher than the 0.01% offered by major banks such as JPMorgan Chase. X has partnered with Cross River Bank, a U.S. bank with Federal Deposit Insurance Corp. (FDIC) coverage up to $250,000 per depositor, to hold customer funds and provide banking infrastructure.
X currently holds money transmitter licenses in 44 states but is still awaiting approvals in New York, Massachusetts, and other jurisdictions. The regulatory approval process could sharply limit the initial rollout if key states delay licensing. X Money aims to keep more user activity on the platform, including tips, subscriptions, and creator earnings, potentially competing with services like PayPal and Venmo.
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