Elon Musk reveals a new payments feature, and plans to turn X account into a bank account

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Billionaire Elon Musk said the app would handle money and securities but made no mention of cryptocurrencies.

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New payment function ambitions to “overthrow” banks

Elon Musk’s recent sharing from a company-wide meeting on October 26 revealed the billionaire’s ambitions to build X, a social network that will have huge influence on the current cryptocurrency market.

Specifically, Elon Musk said that the new payment capabilities on the X will cover most areas of finance, money processing, securities, or similar fields. From there, start new.

For now, however, the company is still waiting for approval for its payments feature, announcing that the process will be completed in the coming months. By X has obtained money services licenses from every state in the United States.

Notably, while the billionaire hinted that X will cover almost all areas of finance, he made no mention of cryptocurrencies. However, the app already includes certain cryptocurrency features, such as Bitcoin and Ethereum tipping capabilities and NFT profile photo support.

This can be seen from the early days of the acquisition of social networks.

Over the past year, X users in Vietnam have been very excited about the advertising revenue sharing program. Share more content on X and hope to make money through social network X. Most of the content on VietnamX focuses on the cryptocurrency space.

If X becomes a “bank”, who will benefit?

With this newly announced plan, X is likely to threaten Paypal’s position. Because at a recent conference, Elon Musk emphasized that PayPal is not “as perfect” as it initially expected. Therefore, a good app is needed to fix it, and X is the solution.

So, who benefits if X becomes a financial storage and transaction venue?

Are you a DOGE holder?

Many DOGE investors still hope that the token will become one of the first currencies to be added to the list of means of payment. However, this has never been directly confirmed by Elon Musk, only implicit posts on X.

Is PayPal in US dollars (PYUSD)?

This is a reasonable prediction. Legally speaking, X.com is an online payments company founded by Elon Musk in 1999. Later, X.com was changed to PayPal, and the domain is now used by Elon Musk instead of Twitter.com. This year, PayPal released the stablecoin PayPal USD (PYUSD) as an ERC-20 token based on Ethereum, with the mission of building a bridge between Fiat and Web3 for consumers, merchants, and developers.

For less volatile payment processes and a stable store of value, stablecoins are preferred. Therefore, PYUSD may well be the “piece of the puzzle” that Elon Musk wants to paint for Social Network X.

To date, PYUSD has had very limited trading volume of just a few million dollars and hasn’t really seen much use in the cryptocurrency market.

What happened after X returned to Elon Musk

The third quarter report of 2023 shows that both the number of employees and the number of users have declined significantly. Specifically, the number of daily active users decreased by 15 million compared with November last year, reaching 245 million. The number of employees decreased from 2,000 to 1,500. The platform’s advertising revenue also plummeted 50%.

die.

X number of users and employees.

Notably, downloads of X apps alone have seen significant growth in 2023, exceeding 60 million per quarter since Elon Musk took over.

In Vietnam, almost all cryptocurrency investors have an X account, and anyone interested in the political and economic situation in the world will use X because many analysts and politicians often use this platform.

X number of app downloads.