Elon Musk launches invite-only X Money with Visa debit card – Spectrum News

NEW YORK — Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another. The service, known as X Money, is not a new bank. X Money is using technology and banking services provided by Cross River Bank, and branding that backbone as X Money. It is common for new financial companies to use a traditional bank’s backbone to launch its services, as chartering a new bank is a timely and costly process. What You Need To Know Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another The service, known as X Money, is not a new bank. X Money is using technology and banking services provided by Cross River Bank, and branding that backbone as X Money It is common for new financial companies to use a traditional bank’s backbone to launch its services, as chartering a new bank is a timely and costly process Currently X Money is invite only, and users will receive a “X”-branded Visa debit card that is useable at any ATM. Users of X will be
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