XRP News Today: Elon Musk Announces X Money Beta Release for Digital Payments

Elon Musk, the owner of the social media platform X, has confirmed that a beta version of X Money will be released soon, enabling users to conduct digital payments. This announcement comes after much speculation from users about the release date of X Money. Musk is widely recognized as the CEO of both Tesla and SpaceX.

The launch of digital payments aligns with Musk’s vision of transforming X, formerly known as Twitter, into an ‘everything app’ that hosts a variety of digital services, including financial apps, alongside the original social media platform. An insider revealed that X is on the brink of releasing the X Money feature, which will facilitate payment transactions and provide banking tools. Musk confirmed the release of X Money, noting that the new feature will have a limited beta rollout and will be released gradually to ensure the safety of customer savings. The exact release date is unknown, but it is anticipated to be sometime in 2025. The payment services are expected to include Bitcoin and Visa, with crypto enthusiasts hoping for the inclusion of XRP and Dogecoin as well.

X Money is not the first social media platform to integrate financial services. Facebook Marketplace has been offering financial services for some time, allowing users to buy and sell items within the app. TikTok also has a rewards program for creators to earn money from creating videos. However, X Money aims to provide fast payments within the app, potentially replacing traditional banking services.

Musk has a history of promoting crypto brands like Dogecoin. However, he had to abandon plans to allow Tesla cars to be purchased with crypto due to environmental concerns related to proof-of-work algorithms. Visa announced earlier this year that they were the first payment service to collaborate with X Money, allowing Visa users to send money directly to X Money from their accounts. X Money faces competition, particularly from Asian markets, where platforms like WeChat already integrate payments into their social media apps.

Linda Yaccarino, X’s CEO, stated that X Money is likely to be released later in the year and will include peer-to-peer functionality for Visa holders. This will enable X users to send payments to other X users with ease. Musk has been discussing the concept of an ‘everything app’ for some time, but it remains uncertain whether he will enable cryptocurrencies like XRP and Dogecoin on X Money.

Musk has been a vocal supporter of Dogecoin and has invested in a Bitcoin treasury through his company, Tesla. President Trump appointed Musk to advise a government department called DOGE, which was an apparent reference to Dogecoin. Since Musk acquired Twitter in 2022 and rebranded it as X, there has been speculation that he would convert it into a crypto payment app.

Democratic Senator Elizabeth Warren has a more critical view of Musk’s X Money, suggesting that Musk is seeking to collect people’s financial data to compensate for the losses incurred on X. Warren also sees Musk as colluding with Trump to enrich himself and his company.

Musk acquired Twitter for $44 billion and immediately indicated his intention to transform the troubled social media platform into X, an everything app. Linda Yaccarino, X’s CEO, announced at the time that X would include multiple media formats, banking services, and unlimited interactivity. There has always been speculation that X would include Bitcoin transactions. However, X Money was expected to be launched in mid-2024, but this has been further delayed. Musk suggests that extra care had to be taken when dealing with users’ savings. The increased interaction between Musk and Trump may further empower X Money to endorse cryptocurrencies, including Bitcoin, XRP, and Dogecoin.