X, formerly Twitter, has launched X Money, an integrated digital wallet enabling peer-to-peer money transfers in the United States. The service, reserved for Premium and Premium+ subscribers, includes money transfers, deposits, wire transfers, and a Visa debit card. The platform is powered by Cross River Bank and Visa Direct, with deposits FDIC-insured, and is currently operational in over 40 US states. Despite Elon Musk’s long-standing support for cryptocurrencies, X Money launched without any digital asset support, a notable absence. This launch positions X as a direct competitor to Venmo and Cash App, leveraging its massive existing user base.
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