Cross River to enable P2P payments, banking services for X Money

cointelegraphPublicado em 2026-07-27Última atualização em 2026-07-27

Resumo

Cross River Bank announced it will provide the banking infrastructure for X Money, the financial services platform being integrated into X (formerly Twitter). This partnership will enable peer-to-peer payments, FDIC-insured interest-bearing accounts, and Visa debit cards. Cross River's regulated platform and payment rails will power the service, supporting X's ambition to become an "everything app" with potential for future financial products. The announcement did not mention cryptocurrencies. Elon Musk first teased X Money in 2022, and the service entered limited beta testing in May 2025, emphasizing caution with user funds. It expanded to a limited external beta in March 2026. X has obtained necessary money transmitter licenses in over 40 U.S. states and registered with FinCEN to facilitate payments.

Cross River said Monday it will provide the banking infrastructure for X Money, the financial services platform being integrated into X, enabling peer-to-peer payments, FDIC-insured interest-bearing accounts and Visa debit cards.

The company said its banking platform and payment rails will power the service as X continues its push to become an “everything app,” with infrastructure designed to support additional financial products and services over time.

Cross River provides embedded financial infrastructure for payments, cards, lending and cryptocurrency services to fintech and technology companies through its regulated banking platform and payment rails. The announcement did not mention support for cryptocurrencies or stablecoins.

Elon Musk confirmed in May 2025 that X Money had entered limited beta testing, saying the initial rollout would be limited because “extreme care” was needed when handling users’ savings. The service expanded to a limited external beta in March 2026 ahead of a wider launch.

Musk has been teasing X Money since at least 2022, when he described his acquisition of Twitter as “an accelerant to creating X, the everything app.” Since then, X has obtained money transmitter licenses in more than 40 US states and registered with the Financial Crimes Enforcement Network to enable peer-to-peer payments on the platform.

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Perguntas relacionadas

QWhat banking infrastructure services will Cross River provide for X Money?

ACross River will provide its banking platform and payment rails to enable peer-to-peer payments, FDIC-insured interest-bearing accounts, and Visa debit cards for X Money.

QWhat is the stated goal for X as mentioned in relation to the X Money integration?

AThe stated goal for X is to become an 'everything app,' and the Cross River infrastructure is designed to support this by enabling additional financial products and services over time.

QAccording to the article, when did Elon Musk confirm that X Money entered limited beta testing?

AElon Musk confirmed in May 2025 that X Money had entered limited beta testing.

QWhat regulatory steps has X taken to enable peer-to-peer payments on its platform?

AX has obtained money transmitter licenses in more than 40 US states and registered with the Financial Crimes Enforcement Network (FinCEN) to enable peer-to-peer payments on the platform.

QDoes the announcement from Cross River mention support for cryptocurrencies or stablecoins for X Money?

ANo, the announcement did not mention support for cryptocurrencies or stablecoins.

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