Crypto Biz: Elon Musk’s X targets financial services, PacWest emergency rescue and more
Social media platform X — formerly known as Twitter — may soon advance plans to add financial services to its users, hoping to become the American equivalent of the Chinese super-app WeChat.
The concept of super-apps isn’t new. Tech giant Tencent, the company behind WeChat, has been refining the model since 2011. Like Twitter, it began as a social networking platform but quickly became the go-to app for everything in China, from shopping to filing for divorce with one click.
Musk believes that, if executed correctly, X could capture “half of the global financial system.” To accomplish that and keep his promise of delivering an “entire financial world” on the platform, the executive might include cryptocurrencies in its plans. There was even a hint that Dogecoin (DOGE) would be a part of it.
As the “global town square” where most crypto business and innovation takes place in real-time, X could play a crucial role in the crypto industry’s future. X is bigger than just a re-branding and could affect the future of money in the Western world.
This week’s Crypto Biz explores Elon Musk’s plans for X, the Italian central bank’s take on DeFi, PacWest’s merger with Banc of California and more.
Twitter’s rebrand to X is part of a larger plan to incorporate financial services on the platform, its owner and chief technology officer Elon Musk said. According to Musk, users of X can expect to access an “entire financial world” on the platform in the coming months. In the upcoming “everything app,” digital assets are unlikely to be forgotten, with Musk suggesting that Dogecoin (DOGE) could play a key role in X services. Also, in April, he announced that the platform would soon offer crypto and stock trading through a partnership with eToro.
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