'X Money' to be launched this year: What is it?
What's the story
Elon Musk-owned social media platform X will launch a new payment system, 'X Money,' this year.
The announcement was made by CEO Linda Yaccarino. This comes as part of the platform's wider goals for the year, which also include things like X TV.
The forthcoming payment system will be based on licensing advancements made by X Payments LLC last year.
Development
What will it offer?
Under Musk's leadership, X saw some major changes in 2024. The platform was rebranded and got new features, while also teasing future advancements.
Among these future developments is the highly-anticipated payment system, 'X Money.'
Despite speculation of cryptocurrency integration such as Dogecoin into this system, Yaccarino didn't confirm any such plans in her announcement.
Licensing
X Payments LLC secures licenses in US
Ahead of the launch of 'X Money,' X Payments LLC obtained money transmission licenses in 14 US states in 2024. This set the stage for the launch of the new payment system.
The introduction of official X payment accounts, flaunting a gold verification badge and an X logo signature, has only added to the speculation surrounding the features and capabilities of the upcoming system.
Speculation
Uncertainties surround connection with fiat, digital currencies
Details about how 'X Money' will work with traditional fiat and digital currencies remain unclear.
Some experts speculate that users may be able to exchange their fiat currency for X Money on the platform.
Possible use cases of this new currency could be subscribing to premium content on X, trading X Money for cryptocurrency, and paying for enhanced visibility on the 'For You' page.