Elon Musk's Company X has taken its first serious step regarding (Twitter) investment and trading! Will it include Cryptocurrencies as well?

According to a report by the Financial Times, the social media platform X, owned by Elon Musk, is progressing towards becoming a "super app" by offering new features that allow users to make investment and trading transactions, previously known as Twitter.

X CEO Linda Yaccarino announced in an interview with the Financial Times at the Cannes Lions advertising festival that users will soon be able to make payments through the X platform and conduct investment and trading transactions. Yaccarino stated, "You will be able to come to X and manage your entire financial life through this platform. This could be making the payment for the pizza we had together last night, or it could be an investment or trading transaction."

However, it is not currently expected that the new system will cover cryptocurrencies.

The company plans to launch the digital wallet and peer-to-peer payment system "X Money", which will be implemented in partnership with Visa by the end of the year. Yaccarino announced that this service will first be launched in the US and then expanded to other markets. X Money will offer functions such as product purchasing, storing money on the platform, and tipping content creators.

It was also reported that the company plans to issue a credit or debit card branded X within this year.

Musk's goal is to transform X into a platform that integrates messaging, payments, shopping, and investment transactions, similar to the China-based WeChat application. However, this expansion could subject X to strict regulations such as licensing and anti-money laundering.

X, which Musk purchased for $44 billion in 2022, faced financial difficulties after advertisers pulled out of the platform during this process. Advertisers were concerned that Musk's distant attitude towards content moderation could lead to their ads appearing alongside disturbing content.

Yaccarino claimed that the platform has rebuilt its relationships with advertisers, stating, "96% of the advertisers before the purchase have returned to the platform. We will soon reach the advertising revenue levels of 2022."

*It is not investment advice.

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