New Venture to Debut Devoid of Cryptocurrency Involvement
Elon Musk's much-anticipated "everything app," X Money, is set to begin its beta rollout soon. The multi-functional platform, which will include financial transactions, is expected to make its debut in 2024 as a digital wallet, initially focusing on traditional fiat options [1].
The deliberate exclusion of cryptocurrencies in the initial phase might reflect a pragmatic decision to navigate complex regulatory issues with established, traditional payment rails. However, the question of X Money's future integration with digital assets remains hanging in the air [2].
Crypto fans, hoping for a more significant role for digital currencies in X Money given Elon Musk's known enthusiasm for cryptocurrencies, will have to wait for further developments [3]. The exact timeline for the "very limited access beta" and a subsequent broader rollout of X Money remains unspecified [1].
In the meantime, the platform has already taken a step towards financial services with the introduction of a Bitcoin tipping feature on Musk's social media platform X. This feature, not a native X product, operates through Chrome-compatible browsers and signals the platform's gradual move into financial services [4].
If successful, X Money could potentially compete with services like Venmo, Cash App, or PayPal. Speculation about X eventually incorporating crypto payments, especially Dogecoin, will undoubtedly persist [5].
It's important to note that readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions [6]. The Shib Daily, an official media and publication of the Shiba Inu cryptocurrency project, has reported that X Money may potentially partner with established financial players like Visa for peer-to-peer payments [7].
Despite Musk's affinity for cryptocurrencies, the immediate focus appears to be on building a secure and reliable fiat-based payment system. Extreme care will be taken when people's savings are involved in the beta testing of X Money [8].
Stay tuned for more updates as X Money moves closer to its full launch in 2024.
References:
- The Verge
- CoinDesk
- Decrypt
- TechCrunch
- Cointelegraph
- Investopedia
- Shib Daily
- The Information
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