X Money's crypto-readiness expected by 2025
X Money's crypto-readiness expected by 2025
Elon Musk’s X Money is poised to expand its digital payment services into the cryptocurrency arena, according to Ran Goldi, senior vice president of Payments and Network at Fireblocks.
In an interview with The Block, Goldi revealed that while initial crypto payout capabilities may be available by the end of this year, full crypto readiness for the platform is expected by the end of 2025.
This announcement comes on the heels of X Money’s recent partnership with Visa, which enables transfers between digital wallets and bank accounts as well as peer-to-peer payments. Although the Visa collaboration did not explicitly mention cryptocurrency, industry insiders interpret it as a harbinger for Musk’s broader ambitions in the digital assets space.
Broader digital payment strategy
X Money’s move to integrate cryptocurrency payments reflects a growing trend among major digital payment firms to adopt robust digital asset strategies. “All the large payment companies are now coming to us, saying, ‘We now need a digital asset strategy,’” Goldi noted. His comments highlight the pressure on traditional and emerging platforms to adapt, particularly as they look to serve gig economy workers and digital marketplaces. Fireblocks, an infrastructure firm that currently powers about 15% of global blockchain transactions, is at the forefront of this transformation.
The firm, valued at $8 billion after raising $550 million in a Series E funding round in 2022, is uniquely positioned to support both legacy institutions such as BNY Mellon and digital-native organizations like MoonPay and Revolut.
Musk’s history with cryptocurrency further fuels speculation. The Tesla CEO’s longstanding association with Dogecoin, coupled with Tesla’s holdings exceeding $1 billion in Bitcoin, underscores his commitment to integrating crypto into mainstream financial operations. As X Money moves toward offering crypto payouts, market participants will closely watch its evolution, which could redefine how digital assets are utilized in everyday transactions.
