October 31, 2023
Billionaire Elon Musk is reportedly aiming to launch financial services on the social media platform X by the end of next year. Musk expects X's comprehensive financial features to roll out by the end of 2024 and compete with traditional banks.
In a company-wide meeting, Musk stated that the platform's financial services will encompass someone's entire financial life, including money, securities, and more. The goal is to eliminate the need for a bank account.
Currently, X is working on obtaining the necessary licenses to operate its financial services in the US.
Although Dogecoin was not mentioned in the call, Musk's involvement in financial services tends to excite DOGE holders due to his well-known support for the meme asset.
Last month, Musk shut down rumors of creating a crypto asset called 'X Coin' for rewarding content creators on the platform.
Dogecoin has experienced significant growth this week, reaching a peak of $0.74 on October 26th before retracing to $0.69 at the time of writing.
Elon Musk's plan to launch financial services on social media platform X has generated excitement among investors. With the aim of providing comprehensive financial features and competing with traditional banks, Musk's vision could revolutionize the way people manage their finances.