Elon Musk is working on a new financial service for his social platform X - X Money. According to Bloomberg, this service may be launched in the near future.
According to the information, X Money will be launched in the US by the end of April. The platform will offer users commission-free money transfers, 3% cashback on some purchases and, most notably, 6% interest on deposits. This indicator is rare in the US banking sector.
The service has already been tested on a limited group of users in the US. Additional features include an artificial intelligence "concierge" that manages personal finances and a metal Visa card with a personal identifier linked to the user's X account.
However, the project has certain obstacles. X Money has not yet received the necessary licenses in some states, including New York. US lawmakers are hesitant about how right it is to trust citizens' funds to an unusual business leader like Musk.
It should be noted that Musk is not new to this field - he once participated in the formation of the PayPal platform. Currently, the X social network has 600 million monthly users, which creates a large potential customer base for X Money. In addition, the platform will encourage content creators to use X Money instead of Stripe for payments.
