Musk’s X Platform to Integrate Investing and Trading Features in Super App Push
Quick take:
- X users will be able to trade and invest within the social media app.
- The new services are part of Musk’s plan to turn the X platform into a WeChat-like super app that supersedes traditional social media.
- The company already has money-transmitter licenses in several U.S. states and is eyeing approval in all 50 states.
Elon Musk’s X platform is advancing plans to become “The Everything App” that the Tesla CEO envisioned when he bought the social media platform in 2022. The announcement comes as the race to become the first super app heats up. Recently, reports emerged that Apple, Google and X were planning to integrate stablecoins as part of their strategies of evolving into a super app.
According to a Financial Times report, Musk is reportedly aiming to turn the X platform into a WeChat-like super app that supersedes traditional social media.
The company plans to roll out investing and trading features integrated into the X platform. The services will be offered via the X Money brand, announced in January following X’s partnership with Visa. They will initially be available to users in the United States.
In the FT article, there was no mention of the asset classes the new services are targeting. However, the company already supports a variety of financial services as part of its partnership with Visa. The X Money wallet enables real-time transfers between bank accounts and in-app digital wallets.
The X platform also allows fans to tip creators through Bitcoin’s Lightning Network and displays real-time crypto prices via $Cashtags.
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