- X Money has begun external beta testing, offering users cashback and a 6% annual yield on deposits.
- Hollywood actor William Shatner helped auction beta invites for charity, expanding the test pool.
- Deposits are FDIC-insured via Cross River Bank, but crypto integration remains unconfirmed.
Elon Musk’s X Money payment app launched its limited external beta this week, with early screenshots revealing lucrative user benefits like cashback and yield. The beta notably includes Hollywood actor William Shatner, who shared initial details on his platform. Consequently, users can earn a 6% annual percentage yield on deposits, which are held by the FDIC-member Cross River Bank and insured up to $250,000.
The app is a central component of Musk’s vision to transform X into an “everything app.” He stated in February this is intended to be “the place where all money is,” calling it a “game changer.” However, the potential integration of cryptocurrency payments, a topic of much speculation given Musk’s affinity for Dogecoin, remains a mystery. Meanwhile, Shatner and X have collaborated to expand the beta through charitable auctions.
Following a $42 transfer from Musk, Shatner auctioned 42 beta invites for $1,000 each with X’s permission. Winning bidders receive a $25 welcome gift and the original $1 sent to Shatner, as he detailed in a post on his account. A subsequent round offered 166 more invites under the same terms, requiring participants to be U.S. residents over 18 with an active X account. Registrants will also receive a metal VISA debit card branded with their username.
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