Crypto Buying and selling Isn’t Coming to Elon Musk’s X (But), Says Product Head

Elon Musk’s X is eyeing crypto customers with its introduction of “Good Cashtags,” however the firm isn’t getting its arms soiled with digital belongings but, in accordance with Head of Product Nikita Bier.

The function, which was teased final month, will permit customers to higher specify which digital belongings they put up about, but it surely gained’t facilitate customers’ crypto trades, Bier clarified on Saturday.

Since Musk’s acquisition of the platform in 2022, hypothesis has abounded that the Dogecoin fan might fold crypto into his “all the pieces app.” Nonetheless, Bier signaled Good Cashtags’ rollout is restricted throughout the firm’s broader imaginative and prescient for combining social media with monetary companies. 

“X isn’t dealing with commerce execution or performing as a brokerage,” Bier wrote on X, in reference to the debut of Good Cashtags. “[We’re] simply constructing the monetary knowledge instruments and hyperlinks.”

Though Good Cashtags will work with shares, the function’s debut might have a extra pronounced impact on Crypto Twitter the place ticker symbols can overlap between digital belongings, relying on which community they had been issued on. With Good Cashtags, customers will be capable to specify their ticker symbols right down to a selected sensible contract.

In a separate put up, Bier wrote on Saturday that the function can be rolled out “in a few weeks,” and it’ll allow customers to commerce shares and crypto “immediately from [the app’s] timeline.”

Earlier descriptions of the function entailed an in-app web page, the place costs, charts, value strikes and associated posts are proven in a single place. That would make it simpler for customers to find communities tied to particular digital belongings, whereas assuaging ambiguity for customers.

Musk signaled earlier this month that xAI’s long-awaited funds service is nearer to being launched. Throughout an “All-Fingers Assembly,” he mentioned that “X Cash” was being examined in beta type amongst workers, with plans to help a restricted exterior beta within the coming months.

“That is actually supposed to be the place the place all the cash is, the central supply of all financial transactions,” Musk mentioned. “It’s actually going to be a recreation changer.”

The corporate has established a subsidiary known as X Funds, which has secured cash transmitter licenses in additional than 40 U.S. states. Nonetheless, some lawmakers in New York have known as on the corporate’s utility to be denied, citing Musk’s cost-cutting efforts in authorities.

The corporate hasn’t indicated that the product will use crypto. A yr in the past, former CEO Linda Yaccarino mentioned that X Cash would debut later this yr in partnership with Visa and permit customers to attach their debit playing cards to make peer-to-peer funds. She resigned in July.