Elon Musk’s X App Considers In-App Trading Hub, Eyeing Crypto Potential
Elon Musk’s forthcoming super app, X, is exploring possibly incorporating a trading hub within the platform. Citing insider sources and leaked documents, news outlet Semafor revealed that X had contacted financial data giants to propose ideas for financial content and real-time stock data integration.
The app’s potential partners would gain access to a vast user base of “hundreds of millions of highly qualified users,” but X does not plan to offer monetary compensation. Instead, the interested firms were asked to indicate their investment commitment to the project.
Although Elon Musk responded on X that there is no ongoing work related to the trading hub “to the best of my knowledge,” experts speculate that the service might be under consideration, although not necessarily imminent. This wouldn’t be the first time a trading hub idea has surfaced, as social investing platform eToro had previously hinted at offering trading services, including cryptocurrencies, to then-called Twitter users.
If the in-app trading hub plans proceed, given Musk’s affinity for digital assets, especially meme coin dogecoin (DOGE), the platform could potentially allow the trading of cryptocurrencies alongside other assets like Bitcoin (BTC), which could be viewed as a safer option from a regulatory standpoint. This notion is supported by recent news from Coinbase CEO Brian Armstrong, who revealed that regulators had requested him to halt trading in all cryptocurrencies except for bitcoin.
As unveiled in July during the platform’s rebranding, Elon Musk’s vision for X aims to create an all-encompassing everything-app akin to China’s WeChat, offering diverse services such as payments and gaming. The crypto community has responded positively to these developments, hailing the rebranding as a potential “game-changer” for the entire ecosystem. Musk had previously expressed interest in enabling payments on the platform initially limited to fiat currencies but with future possibilities for crypto integration.
