Social media platform X has generated about $1 billion in trading volume from its new Cashtags feature, which surfaces stock and crypto data inside the app. Nikita Bier, X’s head of product, said the estimate comes from aggregated data from the company’s trading pilot and reflects activity since the feature launched late Tuesday.
The Cashtags tool, currently available to US and Canadian iPhone users, lets people tag specific assets or smart contract addresses in posts; tapping a tag shows live price charts and related posts. X, which reports more than 550 million monthly users, aims to expand into financial services as part of Elon Musk’s “everything app” vision, including peer-to-peer payments and e-commerce.
Canadian online brokerage Wealthsimple has partnered with X to integrate Cashtags so Canadians who tap crypto or stock tickers can be directed straight to Wealthsimple’s trading platform. No US brokerage has integrated the feature yet.
X is also developing X Money, a peer-to-peer payments service that could offer yield-bearing accounts, a cashback debit card and other benefits. An external beta of X Money was shown in early March, including a payments exchange between Elon Musk and actor William Shatner. How— or whether—crypto payments will be incorporated into X Money is not yet clear.
In recent years, X has obtained money transmitter licenses in over 40 US states and registered with the Financial Crimes Enforcement Network to enable peer-to-peer payments on the platform.
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