Crypto Coming to X Money? ๐ค๐ธ
Well, well, well, it looks like X Money, the social media platform formerly known as Twitter, is getting all cozy with Visa ๐ค. And when I say cozy, I mean they’re practically holding hands and skipping through a field of cryptocurrency dreams ๐ผ. Okay, maybe that’s a bit of an exaggeration, but you get the idea.
Speculation is running rampant, folks! ๐ค Industry insiders are whispering that X Money might just integrate cryptocurrency into its platform by the end of 2025 ๐. And who’s fueling this speculation? None other than Ran Goldi, Fireblocks SVP of Payments and Network ๐ค. He’s saying that major payment firms are scrambling to develop digital asset strategies, and X Money is likely to follow suit.
โThey fully expect that by the end of this year, X will probably have the ability to pay out in cryptocurrencies,โ Goldi told The Block ๐ฐ
Now, I know what you’re thinking: “But what about the Visa deal?” ๐ค Ah, yes! X Money partnered with Visa to create a peer-to-peer payment system ๐. And let me tell you, it’s a doozy! Users can fund digital wallets, transfer money to bank accounts, and make direct payments using debit cards ๐ณ. CEO Linda Yaccarino is thrilled, calling it a key step toward Elon Musk’s goal of turning X into an “everything app” ๐ฑ.
Crypto in the Cards for X Money? ๐ค
And then there’s the elephant in the room: Elon Musk’s love affair with cryptocurrency ๐. His electric vehicle company, Tesla, holds over $1 billion in Bitcoin ๐. And let’s not forget Dogecoin, the meme coin turned serious asset, which Musk has championed for years ๐ถ. So, a crypto integration on X Money wouldn’t exactly be a surprise ๐.
But, of course, neither Musk nor Yaccarino has confirmed any crypto plans ๐ค. That hasn’t stopped industry watchers from making predictions ๐ค. With former President Donald Trump stacking his administration with crypto-friendly officials ๐ค, Musk might just see an opportunity too big to ignore ๐ค.
Goldi also highlighted the growing demand for crypto payments in the gig economy ๐. Digital asset firms are eyeing X Money as a potential vehicle for cross-border payments, especially for freelancers and online marketplaces ๐. That segment of the economy, which often deals with currency exchange fees and slow transactions, could benefit greatly from blockchain-based payments ๐.
And then there are the regulatory questions ๐ค. Given its connections to bank accounts and debit cards, X Money operates within the Consumer Financial Protection Bureau’s oversight ๐ฎ. The CFPB, formed after the 2008 financial crash, has scrutinized digital payments policing tech firms like Apple and Google that have dipped into finance ๐ค. Any move toward crypto could draw fresh regulatory attention ๐.
Win for cryptoโtoday the @CFPB finalized their โLarger Participantโ rule, which targeted digital wallets like Apple Pay โ but also covered crypto wallets. The crypto industry, including @paradigm, pushed back on this. In the final rule today, the CFPB fully scoped out crypto. ๐
โ Alexander Grieve (@AlexanderGrieve) November 21, 2024
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