\n
![](\"https:\/\/media.crypto.news\/2024\/01\/crypto-news-Elon-Musk-option06.webp\")
<\/p>\n
\n<\/p>\n
X Money has begun rolling out to Premium and Premium+ subscribers in the United States, adding deposit accounts, instant transfers, and a Visa debit card directly to the social media platform.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n X Money combines peer-to-peer payments with financial services commonly offered by banks and digital payment applications. Users can send funds instantly to other X accounts without paying a transfer fee.<\/p>\n The service also includes interest-bearing deposit accounts with annual percentage yields of up to 6%. Eligible purchases made through the X Card, a Visa debit card connected to the account, can receive 3% cashback.<\/p>\n Subscribers can receive direct deposits as many as two days early. Other features include wire transfers, checks, free ATM withdrawals, and access to dedicated customer support.<\/p>\n X described the launch as the first peer-to-peer payment service built directly into a US social media platform. The company also claimed it is the first US social network to combine insured deposit accounts, interest earnings, a debit card, and broader payment tools inside its main product.<\/p>\n The rollout is initially limited to Premium and Premium+ subscribers in the United States. X has not provided a timetable for extending the service to free users or international markets.<\/p>\n <\/p>\n Cross River Bank provides the regulated banking infrastructure behind X Money. The bank holds customer deposits and connects the service to the payment networks needed to move funds.<\/p>\n Cross River operates an application programming interface-based banking system supporting accounts, transfers, and compliance services. The bank said the infrastructure can serve X\u2019s large user base and support additional financial products as the platform expands.<\/p>\n Individual deposits held directly at Cross River receive Federal Deposit Insurance Corporation protection of up to $250,000. X Money also automatically places deposits in a cash sweep program that distributes customer funds among participating insured banks.<\/p>\n Eligible customers can receive aggregate pass-through FDIC insurance of up to $10 million through that program. However, X Payments is not itself a bank or an FDIC-insured institution.<\/p>\n Coverage applies only if a participating insured bank fails and the customer meets all applicable requirements. Users would therefore depend on the underlying banks and the sweep program\u2019s records to establish their eligibility.<\/p>\n X Money uses passkeys to authenticate accounts and allows customers to create individual transaction limits and additional approval requirements. Visa provides security and risk-management protections for transactions completed with the X Card.<\/p>\n X owner Elon Musk has discussed turning the platform into a hub for communications and financial services since acquiring the company, then called Twitter, in 2022.<\/p>\n During an internal meeting in October 2023, Musk described payments as covering more than transfers between friends.<\/p>\n \u201cWhen I say payments, I actually mean someone\u2019s entire financial life,\u201d Musk said.<\/p>\n<\/blockquote>\n He added that services involving money or securities could eventually operate through X, arguing that users might no longer need a conventional bank account. The new rollout advances that plan, although its current features continue to rely on regulated banks and established payment networks.<\/p>\n Musk also announced in March that X Money would enter early public access in April. The wider rollout to eligible US subscribers follows that initial testing phase.<\/p>\n Musk has previously supported cryptocurrency payments through his other companies. Tesla began accepting Dogecoin for selected merchandise<\/a> in 2022, while Musk had earlier proposed allowing users to pay for Twitter Blue subscriptions with DOGE.<\/p>\n He has also described Dogecoin as better suited to routine transactions than Bitcoin, which he views primarily as a store of value. Tesla briefly accepted Bitcoin<\/a> for vehicle purchases in 2021 before suspending the option over concerns about the energy used for mining.<\/p>\n Those comments have repeatedly fueled expectations that crypto could become part of X\u2019s payment system. However, X has not announced support for Bitcoin, Dogecoin, stablecoins, or any other digital asset within X Money.<\/p>\n Musk has also rejected the idea of an X-issued cryptocurrency. Responding to warnings about unauthorized tokens in 2023, he said X had never launched a crypto token and \u201cnever will.\u201d<\/p>\n For now, X Money operates as a dollar-based US financial service supported by Cross River and Visa. Any future crypto integration would require a separate announcement from X.<\/p>\n <\/p><\/div>\n\n\n
X Money brings banking tools inside the social platform<\/h2>\n
Cross River Bank powers accounts and transfers<\/h2>\n
Musk previously outlined broader payment ambitions<\/h2>\n
\n
Bitcoin and Dogecoin remain outside X Money<\/h2>\n