Simply put
- Nikita Beer, the product lead at X, explained how smart cashtags function.
- Users will have the option to trade assets directly within the application, although X itself won’t support trading activities.
- Musk mentioned earlier this month that X Money is currently in the internal beta phase.
Elon Musk’s X is targeting cryptocurrency enthusiasts with the launch of “smart cash tags,” but product head Nikita Beer noted that the company hasn’t ventured into digital assets yet.
This feature, introduced last month, aims to help users clarify which digital assets they reference, though Beer emphasized that it’s not designed to encourage cryptocurrency trading.
Since Musk took over the platform in 2022, there’s been a buzz about Dogecoin advocates potentially integrating the cryptocurrency into various applications. However, Beer indicated that the rollout of smart cash tags will align with the company’s goal of merging social media and financial services.
“X isn’t designed to execute trades or act as a middleman,” Beer remarked. “We’re merely creating tools and links for financial information.”
While smart cash tags function with stocks, the introduction of this feature might significantly influence Crypto Twitter, where ticker symbols for digital assets can overlap depending on their respective networks. Smart cashtags enable users to identify ticker symbols tied to specific smart contracts.
Beer shared that this feature will be available, allowing users to “directly trade” stocks and cryptocurrencies in an upcoming timeline.
Prior descriptions of the feature mentioned that in-app pages provide prices, charts, price movements, and related discussions all in one spot, making it easier to connect with communities associated with particular digital assets while reducing confusion for users.
Musk indicated earlier this month that the long-awaited launch of xAI’s payment service is on the horizon. During a meeting, he revealed that X Money is currently in beta testing with employees, and there’s a plan for a limited external beta soon.
“This is meant to be the central hub for all financial transactions,” Musk commented. “It’s shaping up to be a real game changer.”
To support these ambitions, the company has set up a subsidiary called X Payments and has obtained money transfer licenses across over 40 states in the U.S. Still, some legislators in New York have expressed concerns, with reports indicating that its application faced rejection due to Musk’s budget cuts affecting governmental approvals.
It’s unclear whether the platform will utilize cryptography. A year ago, former CEO Linda Yaccarino mentioned that X Money would launch this year in collaboration with Visa, facilitating peer-to-peer payments through connected debit cards. She stepped down in July.
