Elon Musk’s X to Build In-app Trading Service – Is There Cryptocurrency?

According to a report by Semafor, X, formerly known as Twitter, is reportedly planning to create an in-app trading hub. The social media company has apparently reached out to potential partners who can offer financial content, real-time stock data, and other related features. The aim is to assist these partners in reaching X’s extensive user base, which includes hundreds of millions of users.

It is worth noting that these proposals from X do not involve any payment to the partners. Instead, X expects partners themselves to invest in the project. The progress of these plans remains unclear, as it is uncertain which firms, if any, have submitted proposals, as the deadline for submissions has passed.

Currently, X has not made any public announcements regarding the introduction of such a trading feature. The information obtained by Semafor is reportedly from sources familiar with the matter who have seen X’s requests for plans.

The new service could include crypto trading? 

Previous discussions about the potential for a trading hub within the X platform have already taken place. Earlier this year, eToro, a social investing platform, announced its intention to offer trading services of cryptocurrencies and other assets directly to users of what was then called Twitter, through a partnership with the company.

If the plans to build an in-app trading hub come to fruition, it could be a seamless addition for X given Elon Musk’s strong interest in digital assets, particularly meme coin dogecoin (DOGE). This trading hub could facilitate the trading of various cryptocurrencies, including bitcoin (BTC), which is seen as a potentially safe asset to list from a regulatory standpoint.

Coinbase CEO Brian Armstrong recently revealed that the Securities and Exchange Commission (SEC) instructed him to halt trading of all cryptocurrencies except bitcoin, suggesting that regulators may have less concern with bitcoin specifically.

Musk had previously expressed his intention to enable payments on the X platform, initially limited to fiat currencies but with the potential for the later addition of cryptocurrencies.

The rebranding of Twitter to X in July is part of Musk’s plan to create an inclusive “everything-app” similar to China’s WeChat, encompassing a broader range of services such as payments and gaming. The crypto community responded positively to the rebranding, acknowledging its potential as a “game-changer” for the ecosystem.