Elon Musk to launch ‘X’ bank in attempt to create ‘everything app’

The social media company X launches its own banking-like product

Introducing X Money, a digital wallet and peer-to-peer payment service that is built directly into the X social media platform.

Described as a bank, X Money is closer to a financial company, using traditional banks as a backbone.

Currently an invite-only platform, the services range from an X-branded Visa debit card, a 6% yield on accounts, and real-time transfers between users. 

To put that into perspective, the average UK based bank offers yields up to 3.75%.

However attractive the services are, there are some requirements.

Notably, X money is currently only available in the USA for Premium and Premium+ X subscribers.

Additionally, in order to earn the 6% yield, customers would need to deposit $1000 into an account.

Considering the monthly $8 to access X’s premium services, it would take a $1600 deposit to cover the costs.

There is little to say at the moment on how Elon Musk’s newest project will prevail.

Experts have raised concerns on how the business tycoon will afford such high yields.

Despite concerns, there are signs that X money will be here to stay, potentially taking over Elon Musk and X fans by storm. 

There are no plans yet on whether or not it will make its way across the pond and into the UK.