X, formerly known as Twitter, has expanded its focus to include financial services by developing in-app payment and trading tools. This move reflects the company’s intention to broaden its operational scope beyond social media.

Regulatory Approvals and Financial Tools

The platform has obtained money transmitter licenses in over four US states and is registered with FinCEN, positioning it to legally offer a range of financial services across different jurisdictions. These efforts are geared towards providing users with the ability to perform various transactions within the app.

These transactions will include everyday payments such as making purchases or tipping content creators, alongside functionalities for investing and transferring funds digitally.

Partnerships and Future Developments

X has partnered with Visa to develop a digital wallet called X Money Account for peer-to-peer payments and fund transfers. The company is also considering launching a debit or credit card tied to the platform before the end of the year, aiming to integrate financial tools into its broader ecosystem.

Non-Financial Features

In parallel with these initiatives, X is rolling out non-financial features such as live video, audio calling, and encrypted messaging through a service called XChat. These additions are designed to enhance the platform’s functionality and user engagement.

The overall strategy is to transform X into a multifunctional platform that combines communication, media, and financial activity, often referred to internally as the ‘everything app.’ Despite this focus, there are no current plans for cryptocurrency transactions or issuing a native digital token on the platform.