XRP On-Ramp Possible for X Money, Says XRPL Foundation CTO

X Money, a payments platform launched by Elon Musk's social media company X, could potentially integrate with the XRP Ledger (XRPL) cryptocurrency, according to Denis Angell, Chief Technical Officer at the XRPL Foundation.

Angell suggests that users of X Money could move funds from their accounts into XRP and access yield-generating tools on the XRPL. This integration would go beyond simply adding crypto payments to X Money, as it would enable users to connect their consumer payment account with on-chain financial products.

Angell emphasized the importance of having an 'on-ramp' for XRP within the X social app, which would allow users to easily transfer funds between their X Money accounts and XRP. He also highlighted the single asset vault as a valuable feature, similar to a mutual fund that generates yield.

X Money currently operates as a fiat-based wallet, supporting balances, free transfers, direct deposits, and Visa debit card spending with up to 6% annual yield and cashback. While Musk had floated the idea of crypto integration in March, nothing has been implemented yet.