X on the Money

X, the social media platform owned by Elon Musk, is one step closer to becoming the everything app with its launch this week of X Money to millions of select users in the U.S. “Your money, on the world’s most powerful network,” X posted on July 27. “X Money is rolling out to U.S. Premium and Premium+ subscribers starting today.”

Cross River Bank has been tapped to power X Money, bringing embedded banking and peer-to-peer payments to X’s social ecosystem, and “underscoring Cross River’s position as the trusted infrastructure provider for the world’s largest and most ambitious platforms,” the fintech said in a press release.

The collaboration makes X the first social media platform in the U.S. to embed FDIC-insured, interest-bearing accounts, as well as a Visa debit card and broader payment capabilities directly into its platform. Cross River’s regulated infrastructure and access to payment rails is intended to provide users with faster, more flexible access to their money without ever leaving the app.

There is no minimum deposit required, and users get a physical metal debit card that they can personalize with their X user name for ATM and POS transactions.

“When fully available, X Money will deliver hundreds of millions of X users intuitive and elegant payments and account functionalities with the full consumer protection and trust of a regulated entity,” Cross River CEO Gilles Gade stated in a post to X. “This is a game changer for consumers and the market at large from a technological, banking and lifestyle perspective.”

Realizing a long-held dream

Musk has made no secret of his desire to take on banks and P2P payment platforms and payments is hardly a new foray for the tech trillionaire. During the early dot-com era he developed a P2P app called X which he sold to PayPal.

Today’s X claims a whopping 550 million active users, with daily active users numbering 200-250 million. There are a reported 4.4 million premium users; paying users who have access to tools like creator revenue sharing. Premium-plus users are the highest paid tier on the platform, with perks like ad-free feeds and advanced AI tools. X Money services include:

• Up to 6 percent annual percentage yield on FDIC-insured deposits
• An X Cash sweep program that amps up FDIC insurance to as much as $10 million
• 3 percent cash back on purchases with the X card
• Direct deposit
• Free ATM withdrawals
• Wire transfer capabilities
• Bill payment
• The ability to send checks

No word yet on when X Money will be made available to all X users.

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