Elon Musk’s X Money offers 6% yield and a Visa debit card but it's invitation only Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product called X Money. The service is not a new bank but uses technology and banking services provided by Cross River Bank. This approach is common for new financial companies, as establishing a separate bank involves significant regulatory and financial hurdles. X Money is currently available only to invited users, who will receive a “X”-branded Visa debit card usable at any ATM. Users of X can send money to other X users in real-time, according to the company. Invitations are limited to X’s paying members at this stage. To attract users, X Money offers a 6% annual yield on deposits and 3% cashback on eligible purchases. To qualify for the 6% yield, customers must deposit at least $1,000 into their account. Additionally, they must subscribe to X’s premium services, which cost a minimum of $8 per month. This subscription fee, combined with the deposit requirement, means users need to contribute at least $1,600 to access the yield and cover the cost of premium services. The service emphasizes that these financial incentives are tied to active participation in X’s ecosystem. Musk has long envisioned X as an “everything app” that would integrate financial services alongside its core social media functions. His background in finance dates back to the early 2000s when he co-founded X.com, an online bank that later merged with Confinity to form PayPal. This history underscores Musk’s strategic focus on expanding X’s capabilities beyond social networking into financial technology. The launch of X Money represents a continuation of this vision, aiming to position X as a central hub for both communication and financial transactions.#elon_musk #cash_app #x_money #cross_river_bank #paypal_venmo
