Elon Musk’s social media platform, X, is rapidly expanding its services into the financial domain. The platform aims to enable users to manage various aspects of their finances directly within the app, from simple transactions to investment management.

X CEO Linda Yaccarino recently stated in an interview with the Financial Times that the platform’s approximately 611 million monthly active users “will eventually be able to transact [their] whole life on the platform.” This vision includes functionalities ranging from sending money to managing investments.

In addition to integrated digital services, X is also considering the launch of an X-branded credit or debit card. While no official release date has been given, the possibility exists as soon as later this year.

X’s move into financial services follows ongoing beta testing of its X Money payment and banking app. Musk has emphasized the need for extreme caution during this pilot phase, highlighting the sensitivity involving “people’s savings.”

In response to a May 25 social media post, Musk reiterated that “extreme care must be taken” with the X Money pilot. The official X Money account anticipates a 2025 launch for this service.

Yaccarino, referring to the broader financial integration strategy, told the Financial Times it would first launch in the United States, framing the initiative as the creation of a “whole commerce ecosystem and a financial ecosystem.”

No mention of crypto in X Money yet

Despite Musk’s strong support for cryptocurrencies, particularly Dogecoin (DOGE), neither Yaccarino nor Musk has confirmed whether crypto payments will be integrated into the X Money ecosystem.

Musk previously suggested potential use cases for Dogecoin, stating in March 2024 that it could theoretically be used to purchase Teslas, though no timeline was provided. Crypto communities interpreted this as a potential signal for wider crypto payment support within Musk’s ventures.

While X remains relatively silent on crypto integration for its financial services, other companies are actively developing digital asset payment solutions. For instance, Visa is promoting stablecoin adoption via partnerships aimed at expanding financial access in Africa.

Major financial institutions are also showing increasing interest in this space. JPMorgan Chase has filed trademark applications for its JPMD deposit token and recently announced plans to pilot JPMD transactions on the Coinbase Base network.

In related news, X’s messaging service XChat is reportedly being developed with advanced security features, including “Bitcoin-style encryption,” further extending the company’s integration of cryptocurrency technology into its communication platforms.

JPMorgan’s pilot represents a significant move by a traditional financial giant into the cryptocurrency infrastructure space, potentially paving the way for broader crypto payment adoption in regulated environments.