The idea of transforming X into a 'super app' is old, but new features are expected to appear as early as 2025.
X, formerly Twitter.
X, formerly Twitter, will allow users to make investments and trade assets within the social network itself. The news was presented by Linda Yaccarino, the company's CEO, in a conversation with the Financial Times this Thursday (19).
The idea of transforming X into a 'super app' (an app for everything) has existed since Elon Musk bought the platform in 2022. License records to offer cryptocurrency services showed that the platform was heading in that direction, but nothing has been implemented so far.
At most, the social network integrated price charts and external links to cryptocurrency brokers. More recently, the social network closed a partnership with Polymarket, a prediction market.
X will become a financial app, says CEO
Although a date for this to happen has not been revealed, Linda Yaccarino commented to the Financial Times that the social network is about to offer various financial services to its users. The executive has been leading X since the platform was purchased by Musk.
"You will be able to enter X and manage your entire financial life on the platform. This includes everything from me being able to pay you for the pizza we ate yesterday to making an investment or a trade. This is the future," Yaccarino told the FT.
As the cryptocurrency market is global, unlike the stock market, the expectation is that these will be the first assets traded on the platform.
According to SimilarWeb data, the U.S. continues to lead access to X with 26.5%. Following are Japan (13.6%), the United Kingdom (4.7%), Brazil (3.6%), and Turkey (3.4%). Together, these five countries represent more than half of the visits to the social network.
As X has over 4 billion monthly visits, the news could affect cryptocurrency prices.
However, given the weight of the U.S., the executive pointed out that 'X Money' will be launched first in the American market. The digital wallet will also allow users to send tips to X content creators, as well as make payments.
Another point highlighted by Yaccarino is that X also intends to offer a credit/debit card later this year. The company closed a partnership with Visa in January of this year.
As X quickly implemented its artificial intelligence on the platform and is taking time to launch financial services, this also shows that this is not the true focus of the company.
