Elon Musk's "X Money" payment system, which is expected to be implemented on the X platform, excites both users and crypto investors with its licensing studies and possible cryptocurrency integration.
An alleged leak of the latest software code of social media platform X, owned by Elon Musk, has strengthened rumors that a new payment system called "X Money" may soon be launched.
In particular, the phrase “X Money is not available in your state” in the code related to “X Money” led to speculation that the system could be launched in the US without receiving approval in all states.
X is working to obtain money transfer licenses across the United States for X Payments LLC to launch its payment services.
The platform, which has managed to obtain these licenses in 39 states so far, continues its efforts for the remaining states. However, it is stated that the completion of these licenses may take time and the system may be activated earlier in the states where the license is obtained.
Will cryptocurrencies be supported?
American entrepreneur Alex Finn said in a statement on the subject, “X Payments will support cryptocurrencies in some way.”
Finn stated that cryptocurrencies offer an ideal infrastructure for payment systems with their speed and cost advantages, and said, “Cryptocurrencies will probably make up a significant portion of X payments.”
X Money will reportedly allow users to tip to support content creators on the platform. Given Elon Musk’s previous interest in cryptocurrencies like Bitcoin and Dogecoin, the possibility of this new payment system supporting cryptocurrencies is drawing investors’ attention.
Finn stated that X thinks that Musk's support for Dogecoin can continue on this platform.
X CEO Linda Yaccarino confirmed in a post on December 31 that X Money will be officially launched in 2025. However, X has not yet made an official statement regarding the accuracy of the leaked source code.
If the claims are true, X Money will initially operate only in the 39 states where it is licensed.
Stay tuned