Elon Musk Teases 'X Money' Payments Platform

The long-awaited "X Money" payments platform is being opened up to normal users. Elon Musk teased the functionality earlier this morning in a charitable partnership with Star Trek actor William Shatner.

What's the Scoop?

• Now Available: X Money is the nascent person-to-person payments service of Elon Musk's social media platform. Previously available only to employees, X has enlisted the help of William Shatner to distribute beta access for its payments service.
• Charitable Payments: All payments received by William Shatner's X Money account will be donated to the actor's nonprofit charity, which supports children and veterans. An initial round of 42 invites was already distributed, and a further 156 invites will be distributed to those who sign up and make a $1k donation to the charity.
• Feature Leak: According to Shatner's X posts, the X Money platform will offer a $25 welcome gift card, direct banking integrations, competitive yield up to 6% APY, and FDIC insurance on balances up to $250k via Cross River Bank.
• Banking Backend: Although the exact fintech stack powering X Money remains unclear, X has already secured secured money transmitter licenses in more than 40 US states and partnered with major payment company Visa.