TLDR

  • X, previously known as Twitter, plans to introduce in-application trading for stocks and cryptocurrencies in the coming weeks via a new “Smart Cashtags” function enabling users to complete transactions straight from their feed.
  • X Money, the service’s payment infrastructure presently undergoing internal trials, will progress to external beta testing within one to two months for a restricted user base.
  • This trading capability signals X’s drive to transform into an “everything app” where individuals can chat, publish content, transfer funds, and make investments all within a single platform.
  • Tesla maintains 11,509 Bitcoin in its corporate holdings while SpaceX possesses approximately 8,285 BTC, demonstrating Musk’s continued engagement with cryptocurrency.
  • X boasts roughly 600 million monthly active users who will ultimately be able to perform the majority of their digital tasks without exiting the application.

X is introducing direct stock and cryptocurrency trading on its platform. According to the firm’s product lead, this functionality will debut within weeks.

On Saturday, Nikita Bier revealed that Smart Cashtags will enable users to trade stocks and cryptocurrencies directly from their feed. Individuals will engage with ticker symbols within posts and complete transactions without exiting the application.

This initiative thrusts X further into the financial services sector. It advances Elon Musk’s vision of creating an “everything app” toward actualization.

X Money is gearing up for release in parallel with the trading feature. The payment infrastructure is presently in internal trials and will transition to external beta within one to two months.

Musk discussed X Money during his AI venture xAI’s “All Hands” meeting on Wednesday. He indicated the feature would initially launch for a select group of users prior to a global deployment.

“This is intended to be the place where all money is. The central source of all monetary transactions,” Musk said during the presentation.

Building an Everything App

The platform aims to evolve into a comprehensive hub for digital engagement. Users will have the ability to message, publish content, transfer funds, and invest entirely within X.

The rollout was compared to adding banking services inside the application. He indicated that users could ultimately oversee the majority of their everyday digital interactions without departing from the platform.

X rolled out a fundamental Cashtag system in 2022. That iteration monitored pricing for major stocks and cryptocurrencies and delivered visual financial information for Bitcoin and Ether. The functionality was subsequently discontinued.

The updated Smart Cashtags will extend beyond mere price monitoring. Users will genuinely conduct trades utilizing this capability.

Musk’s Crypto History

Musk’s enterprises have sustained cryptocurrency holdings throughout the years. Tesla presently holds 11,509 Bitcoin on its corporate balance sheet, reduced from an original purchase of 42,300 in early 2021.

SpaceX maintains approximately 8,285 BTC. Both firms constitute significant corporate cryptocurrency holders.

Musk has openly endorsed dogecoin for several years. In 2022, he announced SpaceX would begin accepting DOGE for select merchandise, echoing a comparable initiative from Tesla.

Earlier this month, Musk suggested he might send DOGE “to the moon.” His remarks frequently influence cryptocurrency market movements.

X has about 600 million average monthly users according to Musk. “We want it to be such that if you wanted to, you could live your life on the X app,” he added at the xAI presentation.

The platform functions as a center for cryptocurrency-related endeavors. The trading incorporation moves it nearer to the WeChat model in China, which merges messaging and social networking with built-in payment capabilities.

Bier’s January proclamation hinted at the Smart Cashtags functionality but stopped short of verifying in-application trading abilities. The Saturday announcement delivered the inaugural official validation and schedule for the debut.