Elon Musk has launched X Money, a new U.S.‑based banking and payments platform built directly into X, giving Premium and Premium+ users access to deposits, peer‑to‑peer transfers, bill payments, and wire transfers. Backed by Cross River Bank, deposits receive FDIC insurance up to $250,000, with sweep accounts extending protection to $10 million. Premium+ users earn a 6% APY, and others can unlock it via direct deposit. The service includes a metal Visa X Card offering 3% cash back and global fee‑free ATM withdrawals. X Money positions the platform to compete with PayPal, Cash App, and SoFi while raising regulatory questions.
by rrollins
Recent Comments