X Money Evolution: Cross River to Power Elon Musk's Vision for P2P Payments and Banking
Elon Musk's vision for an 'everything app' just gained significant momentum. Cross River has been tapped to provide the essential banking-as-a-service infrastructure for X Money, enabling the platform to roll out peer-to-peer (P2P) payments, FDIC-insured interest-bearing accounts, and Visa debit cards within the X ecosystem.
This move signals a massive expansion of X's financial capabilities, moving far beyond social media into the fintech arena. By leveraging Cross River's regulated banking platform and payment rails, X is building a scalable foundation designed to support a continuous rollout of sophisticated financial products and services.
Cross River specializes in embedded financial infrastructure, providing payment rails, lending, and cryptocurrency services to fintech and tech companies. As X continues its aggressive push to become an 'everything app,' this infrastructure is designed to be modular, allowing for additional financial products to be added over time. Notably, while Cross River supports crypto services, this specific announcement did not mention immediate support for cryptocurrencies or stablecoins within X Money.
This is a summarized and adapted version by Artificial Intelligence. To read the complete original story, visit the official source.
Read Full Article at CoinTelegraphSupport Jornal Bitcoin
Independent journalism, curated by AI, no clickbait. Keep the flame alive with any amount of BTC.
jonata@walletofsatoshi.comDaily Crypto Brief 📬
Subscribe to receive the curation of the most important Bitcoin and crypto news, summarized by AI. No spam.
Join more than 10,000 smart readers.
Related News
Elon Musk Warning: Humans Will Lose Control of AI Within a Decade
Musk is calling for immediate safety protocols to be established by leading AI companies before they deploy their most powerful models. This push for AI safety highlights the growing tension between rapid technological innovation and the existential risks posed by superintelligent systems.
Coinbase CEO Brian Armstrong: AI Agents Will Drive Massive Crypto Adoption for Global Payments
As these AI agents begin to operate independently, the demand for machine-speed payments will skyrocket. Coinbase is strategically positioning itself to lead this shift, betting that agents will utilize USDC, the Base network, and x402 to navigate the digital economy with unprecedented speed and autonomy.
Uruguay Tightens Grip: Central Bank Approves New Crypto Exchange Regulations
By prioritizing consumer protection, the new rules seek to safeguard local investors against market volatility and potential fraud. This regulatory milestone signals Uruguay's commitment to creating a secure and transparent environment for the digital economy, bridging the gap between blockchain innovation and financial stability.
X Money Goes Live: 6% Yields, Metal Cards, and a Regulatory Blind Spot
With deposits held at Cross River, the platform operates in a unique regulatory landscape where the agency that would have traditionally policed such services no longer holds meaningful authority. This shift creates a fascinating, albeit complex, environment for the future of Musk's fintech ambitions.
Tech Power Move: Circle Acquires Nearly 1,000 IBM Blockchain Patents
The acquisition includes nearly 1,000 issued patents and over 680 patent families, with a heavy emphasis on supply chain applications. While financial terms remain undisclosed, the market responded with optimism, driving CRCL stock up more than 2% in premarket trading as investors digest the long-term implications of this technological consolidation.
SoftBank Emerges as Preferred Bidder in Massive $625M SP.LINKS Payments Acquisition
By securing SP.LINKS, SoftBank aims to bolster its market position within Japan's digital payments sector, driving enhanced competitiveness and technological integration. This acquisition is expected to trigger significant shifts in how financial services and digital transactions are handled in the Japanese market.
