Okay, here’s the scoop on the developments surrounding X, previously recognized as Twitter, and its financial goals:
**X (Twitter) Teams Up with Visa to Introduce “X Money” Payment Functionality**
Elon Musk is striving diligently to have X’s payment capabilities operational, targeting a debut in 2025.
Chief Executive Officer Linda Yaccarino has revealed a collaboration with Visa, a significant entity in the Web2 payment arena, to facilitate electronic transactions directly within the social networking site, frequently called the “digital town square.”
This project, named “X Money,” centers around incorporating digital payments into the social networking experience, advancing Musk’s concept of creating an “all-encompassing app.” Although there’s speculation that X Money might integrate crypto functionalities, neither Musk nor Yaccarino have verified this.
Nevertheless, Visa’s widespread participation in the crypto sphere, along with Musk’s personal affiliations with virtual assets, implies that blockchain-driven payment possibilities could be approaching. Visa already works together with crypto exchanges, providing capabilities such as instant Web3 deposits, NFT acquisitions, and crypto-supported debit cards.
Prior to Musk’s acquisition of Twitter (now X), the platform facilitated contributions via Bitcoin’s Lightning Network and the Ethereum blockchain. These capabilities are still functioning two years into Musk’s ownership. Furthermore, Musk has openly voiced his preference for Dogecoin (DOGE), an Ethereum-based meme coin, and his automotive firm, Tesla, possesses BTC on its financial statement.
Broadening X’s payment functionality to encompass wider virtual asset interoperability could heighten rivalry with Telegram. The messaging application has profound integration with The Open Network (TON), enabling programmers to provide built-in crypto services to its almost 1 billion users globally.
It is yet to be determined if Musk and Yaccarino will authorize crypto integration for X Money or endorse TON-esque development on the social platform.
