Launch of X Money Financial Services
Elon Musk's social media platform X launched 'X Money,' a financial services suite for U.S. subscribers featuring peer-to-peer payments, debit cards, and high-yield deposit accounts powered by Cross River Bank.
Aggregated from 7 sources · Updated 1 Aug 2026, 03:02 UTC (UTC)
Coverage Balance
7 sourcesBlindspot Alert: Center Gap
This event is primarily covered by one side of the political spectrum. Niche or counter-narrative facts may be underrepresented.
Facts (10)
- Established
X (formerly Twitter) launched a financial service called X Money on July 27, 2026, for users in the United States.
- Established
The service is currently restricted to X Premium and Premium+ subscribers who are at least 18 years old.
- Established
X Money offers peer-to-peer transfers, wire transfers, bill pay, and the ability to mail physical checks.
- Established
The platform provides an X-branded Visa debit card that supports Apple Pay, Google Wallet, and free ATM withdrawals.
- Established
Financial backend services are provided by Cross River Bank, an FDIC-insured institution.
- Established
The service offers an annual percentage yield (APY) of up to 6% on deposits.
- Established
To qualify for the 6% APY, Premium subscribers must deposit at least $1,000 or meet direct deposit requirements, while Premium+ members qualify via their tier.
- Established
X Money accounts include 3% cashback on eligible purchases.
- Established
Deposits are FDIC-insured up to $250,000 through a partner bank sweep program.
- EmergingNiche Signal
U.S. Senator Elizabeth Warren has raised concerns regarding the service's consumer protections and financial stability.