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X: Musk's crypto plan unveiled!

Fri 04 Aug 2023 ▪ 3 min read ▪ by Luc Jose A.

Getting informed

Elon Musk, the owner of Twitter, recently renamed X, is deeply involved in the crypto industry. His infatuation with Dogecoin is an open secret. But the billionaire’s ambitions for crypto appear to be much bigger.

X is considering an alliance with a financial data giant

Some time ago, Elon Musk was accused of using a maneuver to push Dogecoin higher. It’s not out of the question that the businessman could launch a platform that takes into account transactions around this crypto.

According to recent reports, the social media company he has renamed X is working on developing an app for this purpose. In any case, the company’s directors are looking for a collaboration that will make this idea a reality.

And they’re not looking for just any partner. In particular, they are targeting a major player in the financial sector. The latter must be able to offer the integration of real-time stock market data and financial content.

No names have yet been released. However, sources indicate that several financial data providers have been contacted. The conclusion of a potential deal would be beneficial for all stakeholders.

The latter would benefit from access to millions of highly qualified users. This, even though X will not offer direct remuneration. This, at least, is what emerges from the various speculations surrounding this development.

According to Elon Musk, there is currently no specific activity on this project. What’s interesting is that the billionaire doesn’t deny the existence of the program. Nor is it a first in itself.

Indeed, rumors of a similar initiative involving eToro, the online social trading platform, had already circulated. An agreement with X would have provided crypto trading services to social media users. In the end, however, the project came to nothing.

Should X nevertheless manage to commit to such a program, the platform could enable its users to trade cryptocurrencies. This, along with other assets such as bitcoin. An option that analysts consider to be the most viable from a regulatory point of view.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.