X The Everything App Won’t Create a Crypto But Will be a Trading Hub
Musk allegedly wants to develop a trading hub for the X app
- Elon Musk’s X is reportedly looking to develop a trading hub for the app
- This demonstrates X’s desire to upend established trading platforms
- People have speculated about integrating cryptos like DOGE and BTC
- “To the best of my knowledge, no work is being done on this,” Musk stated on X
X, Elon Musk’s upcoming super software, is reportedly looking into adding a trading hub to its platform. It is being reported that X had contacted financial data juggernauts to submit ideas for financial content and real-time stock data integration, citing insider sources and leaked documents.
New All-In-One Platform and More
The records state that X recently requested financial data suppliers for offers on financial content and real-time stock data, among other things. It has been stated that it was unclear if any businesses had filed the required bids before last week’s deadline.
Additionally, X is promising prospective partners access to “hundreds of millions of highly qualified users,” but it won’t pay them, according to the request to the data corporations.
According to Semafor, the companies were invited to submit the sum of money they would be ready to contribute to the project.
But Musk claimed on X that “to the best of my knowledge, no work is being done on this.” While not a clear rejection, this could imply that a service of this kind is under consideration but may not be available soon.
Western Super-App
In the same way that WeChat in China, Gojek in Indonesia, Grab in Singapore, and Gozem in Africa offer a variety of consumer services such as food delivery, ride-hailing, payments, investing, and even identity authentication in a single app, X’s owner Elon Musk has stated that he sees X as the first Western super-app.
Musk stated , “You basically live on WeChat in China,” during a town hall event for the business last year. According to him, a Swiss army knife toolkit could increase the app’s user base from 237 million to at least a billion.
It has been suggested before that the X platform would house a trading centre. The social investing platform eToro announced earlier this year that it will be partnering with the then-named Twitter to directly provide its customers trading services for cryptocurrencies and other assets.
Given Musk’s affinity for digital assets, particularly meme coin Dogecoin (DOGE), many speculated that Musk may easily permit the trading of cryptocurrencies on top of other assets, especially Bitcoin (BTC), which may be a safe asset to list from a regulatory perspective.
Some were even speculating that X might create its own coin. However, cold water has been thrown all over this by Musk himself. In response to a noew=deleted tweet asking about crypto integration, Musk responded ‘And we never will” to the suggestion that X would launch a crypto token,
Just for a reminder, the Securities and Exchange Commission (SEC), recently instructed Coinbase CEO Brian Armstrong to halt trading all cryptocurrencies except Bitcoin, hinting that regulators wouldn’t have a problem with that specific cryptocurrency.
The X platform will soon accept payments, first exclusively in fiat currencies, as Musk has stated. He was open to the possibility of adding cryptocurrency later on, though.
In July, Musk rebranded Twitter to X as part of his intentions to build an all-encompassing software similar to WeChat in China that would support a wider range of services, such as payments and gaming. Rebranding might be a “game-changer” for the ecosystem, according to cryptocurrency specialists who responded favorably to the idea.
Dogecoin’s price at the time of writing is $0.07428, staying at the same level as the previous day. However, the launch of Musk’s trading program could spur fresh interest in Dogecoin and raise the cryptocurrency’s value.
Conclusion
It’s important to remember that Twitter has postponed its intentions to include a one-click option to purchase and sell stocks on eToro, a rival to Robinhood. This feature has not yet been released, despite being initially scheduled to do so in April.
As Twitter / X works to win back the advertisers it lost after Elon Musk’s takeover, the opportunity to refer users to a brokerage site like eToro might be a substantial source of income.
Although Twitter’s entry into financial services and e-commerce may appear daring and avant-garde, there are still obstacles to overcome. Similar endeavors have been made by other American social media juggernauts like Snapchat and Meta (previously Facebook), but with limited success.
