Elon Musk lance « X Money » : X devient une banque
On Monday, Elon Musk took another step in his project to transform the social network X into an "all-purpose app." X officially becomes a new banking and financial service, currently reserved for Premium and Premium Plus subscribers in the United States.
Called X-Money, the service allows users to pay, transfer money, and make wire transfers. Users also have access to a deposit account that earns up to 6% interest and a digital and physical withdrawal card.
The system relies on a partnership tested since last June with Cross River Bank. Customer deposits are held and insured there up to $250,000.
With nearly 600 million monthly users, the social network aims to combine messaging, payments, finance, as well as online ordering and booking within a single application.
The deployment of X Money therefore marks the beginning of X's transformation from a simple social network to a true financial and service ecosystem.
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