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X Money, Elon Musk payment and bank application, undertook limited beta tests before its launch planned in 2025.
“It will be a beta version to very limited access,” Musk said in response to a position on May 25 by the owners of Tesla Silicon Valley on the social media platform X. “When people’s savings are involved, take care of extreme.”
The cryptographic community looks closely at the development, in anticipation that X Money, launched after Musk bought X in 2022, can incorporate Bitcoin and perhaps even Musk’s favorite memes, Dogecoin. Musk is known as the “DOGEFATHER” and often tweets on the largest piece of memes by market capitalization.
The peer-to-peer design of the platform suggests that it could support cryptographic transactions alongside traditional banking functionalities.
X Silver to be launched in 2025
The beta launch for X Money and the subsequent confirmation by Musk A series of reports follows that the platform could launch this year on the basis of code leaks in January.
Official account x for x money shows that the planned launch of the platform is defined for 2025.
X has actively tried to obtain several issuer licenses for the Payment Platform in the United States. Until now, 42 of these licenses have been obtained, according to to the national system of multiple licenses.
X Money will also work via a partnership with Visa, which will allow users to connect their debit cards for peer transactions.
Excited for @Visa To help in food @Xmoney
– Cuy Sheffield (@cuysheffield) January 28, 2025
The service will work as a digital portfolio where users can finance accounts for banks, then send and receive money similar to the way they do it with solutions like VenMo and other platforms.
Musk payments criticized by Elizabeth Warren
Democratic senator Elizabeth Warren criticized X’s payment plans, partly because of Musk’s recent participation in government.
“Musk has lost money with Fist on X,” she said. “He therefore has this idea of X to become an important money platform where he would obtain the personal financial data of each.”
Money X seemed to earn more steam after the US President Donald Trump’s electoral victory. After taking over the White House, Trump appointed Musk as head of the Government Ministry (DOGE).
But Musk recently said that he reduced his involvement to Doge to spend more time on Tesla and its other companies.
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