Elon Musk’s X Payment System, Which Caused Cryptocurrency Speculation, Gets a Launch Date

Elon Musk’s social media platform X, formerly known as Twitter, announced that it plans to launch peer-to-peer payments this year.

Musk, who is also the CEO of Tesla and SpaceX, advocates turning X into an “everything app.” This will allow users to perform a variety of functions on a single platform, from publishing content to managing their finances, according to Musk.

The introduction of peer-to-peer trading is the latest in sweeping changes to X since Musk acquired the company in late 2022 for $44 billion. In a post published on X in July, Musk outlined the company’s plans to add “comprehensive communications and the ability to manage customers’ entire financial world.”

X stated that the new payment feature will unlock “more user benefits and opportunities for commerce” as the platform aims to “revolutionize in 2024”. In addition, the company plans to deliver more original content and talent this year, continue investing in creators and content partnerships, and strengthen its advertising capabilities.

“X isn’t just another app — it’s becoming the everything app, seamlessly combining experiences into a single interface for everyone,” the company wrote in a blog post on Tuesday.

X recently collaborated with a platform that also provides cryptocurrency trading services.

*This is not investment advice.