29/10/2023 19:32 | by Dirk van Haaster
Elon Musk, the owner of Twitter/X, recently shared new information about the company’s planned payment services during a staff meeting. But what will these changes mean for cryptocurrencies?
X’s changes
Musk emphasized that the new feature will cover almost all aspects of finance, explaining: “When I talk about payments, I’m actually talking about someone’s entire financial life. Whether it’s money, or whatever, it will all be on us platform. So it’s not just about sending $20 to a friend. I’m talking about a situation where you no longer need a bank account.”
Although Elon Musk indicated that X will offer almost all financial options, he did not explicitly mention that new cryptocurrency functions will be integrated. Still, the app already has certain crypto features, including Bitcoin and Ethereum tipping and support for NFT profile photos.
It remains to be seen whether we will soon be able to buy Bitcoin on X. This could easily be part of Musk’s long-term plans, as he has been involved with cryptocurrencies in the past. However, he has already indicated that he will not release his own crypto currency with X.
Live next year already?
Musk indicated that the company is currently awaiting approvals for the payment features and expects this process to be completed within the next few months. This summer, X obtained money transfer licenses in several American states. So far, the company has secured permits in nine states.
Company executives expect the payment features to be introduced in 2024. Musk indicated that in his view it would be unimaginable if the function was not introduced before the end of next year.
Furthermore, Musk shared during the conversation that he has big ambitions for X and plans to transform the former Twitter into an all-in-one app. He aims to have X compete with the Chinese WeChat app, which combines payment and other functions with a social network.
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2023-10-29 18:32:00
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