Elon Musk's X app (formerly Twitter) will soon integrate direct cryptocurrency and stock trading on the platform
This is a new step in Elon Musk's strategy to turn X into an "everything app", from payments to financial investments.
Linda Yaccarino, CEO of X, has confirmed that the platform is building a complete financial ecosystem, allowing users to control all financial activities within a single environment.
In an interview with the Financial Times at the Cannes Lions advertising festival, she clarified plans to integrate new financial tools, particularly capabilities for trading and investing in cryptocurrencies.
"You will be able to carry out all financial transactions on X, from paying for weekend pizza to investing in portfolios or trading in the stock market," she said. This will change the way users interact with the digital financial ecosystem.
X expands financial services through the X Money project in the U.S. market
X is proceeding with the implementation of financial services in phases. The first is X Money, a multifunctional e-wallet and Peer-to-Peer (P2P) payment system expected to launch in the U.S. before expanding to other markets.
With X Money, users can send money, save, shop, and pay directly within the platform. The company is partnering with Visa to build an electronic payment system and plans to launch X-branded credit or debit cards this year.
Elon Musk acquired Twitter in 2022 for $44 billion, and subsequently, he transformed X into a multifunctional integrated platform similar to China's WeChat. Linda explained that this ecosystem will further expand, not only in payment capabilities but also in e-commerce and financial services.
"An inclusive commerce and finance ecosystem will be formed on this platform, something unprecedented in the past,"
Legal challenges and competition of X in the digital finance sector
The integration of financial services requires X to face legal challenges related to licensing, anti-money laundering, and compliance with domestic and international regulations. Services such as stock trading and cryptocurrency transfers need approval from regulatory authorities.
Nevertheless, Elon Musk remains persistent in developing this strategy. At the same time, X continues to strive to salvage advertising revenue after many advertisers withdrew due to concerns about harmful content or political volatility, causing revenue to drop from $4.1 billion in 2022 to $1.9 billion last year.
X is battling the impact of advertising campaigns and developing integrated AI
X has been accused of pressuring advertisers to return, but Linda dismissed this information, calling it unreliable sources. However, some advertisers still express uncertainty about the platform's reliability due to the ongoing negative content situation.
X is also suing the Global Alliance for Responsible Media for alleged illegal boycotting under the guise of online safety. In this context, the business continues to adjust its list of advertisers to regain trust and restore advertising revenue to its original level.
Chairwoman Linda confirmed that currently, 96% of customers have returned before repurchasing, and X has nearly completed restoring advertising activity to the peak level of 2022. However, many advertisers are still concerned about the platform's stability and the prevalence of negative content.
Source: https://tintucbitcoin.com/x-cua-elon-musk-ra-mat-chuc-nang-moi/
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