The social media platform owned by Elon Musk, X (formerly known as Twitter), is preparing to launch investment and trading features, allowing millions of users direct access to the financial markets on the app commonly referred to as the "everything app."
According to CEO Linda Yaccarino's confirmation in a recent Financial Times report, this move stems from Musk's previous ambitious efforts to transform X into a platform that combines social interaction with financial services. This change has the potential to compete with platforms like Robinhood and Coinbase, which currently dominate this space.
The integration, planned to launch "soon", is inspired by China's WeChat, seamlessly combining messaging, payments, and commerce. This comes after X's recent partnership with Visa to implement Venmo-like tools, leveraging Yaccarino's advertising expertise from her tenure at NBCUniversal to attract a broader user base.
Yaccarino has outlined plans that may include credit or debit cards and a peer-to-peer payment system, hinting at the inclusion of cryptocurrency to enhance its appeal.
Although the Financial Times report does not clarify or mention this, cryptocurrency enthusiasts are wondering whether the platform will support cryptocurrency.
To gain clearer insight, the integration comes at a time when cryptocurrency adoption is making waves in the headlines. Based on current market sentiment, users strongly believe that assets like Bitcoin and Ethereum could be included.
Furthermore, considering Musk's history with Dogecoin and the tech-savvy audience of X, it's likely that cryptocurrency will be at the center of these newly announced features. However, details remain scarce, with users awaiting an official announcement regarding supported assets and security measures.
