X Money Rolls Out for Premium Subscribers in US with P2P Transfers and Crypto Ties
Elon Musk's X Money has launched for Premium subscribers in the US, marking another step towards turning X into an everything app. This new service allows users to manage their money directly on the X platform, with features including free and instant peer-to-peer (P2P) transfers.
X Money offers a range of benefits, such as up to 6% APY, 3% cashback on eligible purchases with the X Card, wires, checks, and free ATM withdrawals. Premium subscribers receive a 4% APY, but this is boosted to 6% if they direct deposit $1,000 or more within a trailing 34-day period into a Stored Value Account.
The service has launched as a standard fiat product, with users able to maximize their rewards by comparing a crypto debit card vs traditional debit card. Accounts are secured with passkeys for safe and fast authentication, while card transfers are protected by Visa's security and risk management capabilities.
X Money is FDIC-insured up to $10 million through the Cash Sweep Program, with deposit accounts held at Ripple's partner Cross River Bank. This partnership also enables faster and lower-cost cross-border transfers using Ripple's XRP Ledger.