The US-based social media giant X has announced that its payments service, named X Money, is currently undergoing internal testing.

This development signals the company’s strategy to diversify from social media into financial services. During an xAI company presentation, Elon Musk revealed that X Money is in a closed beta phase among employees and is being designed as a centralised platform for monetary transactions. Plans are in place to expand this service beyond internal use.

Regulatory Compliance and Infrastructure

X has obtained money transmitter licenses in over 40 states, fulfilling the necessary regulatory requirements for cross-jurisdictional payment operations. The company’s plans also include integrating built-in crypto and stock tracking tools within its financial suite.

X aspires to become an all-encompassing platform that integrates messaging, commerce, and financial management. Musk aims to boost monthly active users from 600 million to one billion in the long term. This strategy mirrors the functionality of WeChat, which combines social networking with payment services.

Potential for Digital Asset Integration

Although X Money has not officially announced support for cryptocurrencies, speculation exists about its potential integration with digital assets. Some believe it might include Dogecoin due to Musk’s previous references to the token in relation to micropayments. Others hypothesize that XRP could be integrated because of X’s partnership with Cross River Bank using Ripple’s technology for cross-border payments since 2014.

No significant price movements were observed in Dogecoin or XRP following the announcement. More details are expected as the platform advances through its testing phases and moves towards public release.