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The head of product at the company stated that users will have the ability to engage with ticker symbols in posts and perform trades within the application.
(jurvetson /CC BY 2.0./Modified by CoinDesk)
Key Points:
- X is preparing to enable users to trade stocks and cryptocurrencies directly from their timelines.
- The company’s head of product indicated that users will engage with ticker symbols in posts and carry out trades using the app.
- X Money, the company’s proprietary payments solution, is set to undergo an external beta launch in the next one to two months.
The social media platform X, led by Elon Musk, will soon allow users to buy and sell stocks and cryptocurrencies directly from their timelines as the company expands its financial services.
The forthcoming features, as explained by Nikita Bier, the head of product, will introduce “Smart Cashtags,” enabling users to interact with ticker symbols in posts and conduct trades from within the application.
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This announcement coincides with the company’s preparations for launching an external beta version of X Money, its in-house payment system. Musk has mentioned that the tool is currently being tested internally and will be available to a select group of users within a month or two.
The objective is to transform X into a comprehensive platform where users can communicate, share content, send money, and invest, aligning with Musk’s concept of an “everything app.”
He has likened the introduction of financial features such as X Money to incorporating banking functions within the app, suggesting that users could eventually manage much of their daily online activities without leaving the platform.
Elon Musk’s enterprises have previously engaged with cryptocurrencies. His automotive company Tesla holds 11,509 bitcoins on its balance sheet, reduced from an original investment of 42,300 made in early 2021. Additionally, SpaceX currently possesses approximately 8,285 BTC.
Over the years, Musk has also expressed support for the meme-based cryptocurrency dogecoin. In 2022, he announced that SpaceX would accept DOGE for certain merchandise, reflecting a similar decision made by Tesla. Earlier this month, Musk suggested he might send DOGE “to the moon.”
