According to reports from the news outlet Semafor, documents and sources familiar with the matter reveal that X has sent out requests to various financial data providers. The requests seek proposals on financial content and real-time stock data, among other things. However, it remains uncertain if any firms have submitted proposals yet, as the deadline for submissions was last week.
The lure for potential partners lies in the promise of reaching "hundreds of millions of highly-qualified users." However, X has made it clear that they will not provide compensation to these partners. Instead, the data firms have been asked to specify the amount of money they would be willing to invest in the project. This approach indicates that X is open to collaboration, sharing the risks and potential rewards with its partners.
When questioned about the reported project, Musk played it coy, stating on X t hat "no work is being done on this to the best of my knowledge." While not a direct denial, this response leaves room for speculation. It suggests that while there might not be immediate development, there could be plans for such a service in the future.
Interestingly, this isn't the first time the idea of an in-app trading hub has been floated for the X platform. Earlier this year, the social investing platform eToro announced plans to offer trading services for cryptocurrencies and other assets directly to users of the then-called Twitter. The move signaled the growing interest in incorporating financial services into the platform.
If the plans for an in-app trading hub come to fruition, the platform could potentially support the trading of cryptocurrencies like the meme coin dogecoin (DOGE) and bitcoin (BTC). Bitcoin, in particular, is seen as a safer asset from a regulatory perspective, especially considering recent comments from the SEC to Coinbase CEO Brian Armstrong.
It's worth noting that Musk has previously revealed his intentions to introduce payments on the X platform, initially limited to fiat currencies. However, he has expressed openness to the idea of incorporating cryptocurrencies at a later stage. The addition of an in-app trading hub could be a significant step towards making this vision a reality.
The transformation of Twitter into X, announced by Musk in July, is part of his broader plan to create an all-encompassing everything-app, similar to China's WeChat. This everything-app model aims to provide a wide range of services, including payments and gaming, all within the X platform.
Crypto experts have reacted positively to this rebranding, believing it has the potential to be a game-changer for the cryptocurrency ecosystem. With Musk's innovative vision and the possible integration of an in-app trading hub, X could become a one-stop-shop for various digital services, further solidifying Musk's position as a visionary entrepreneur.
As the development of the X platform continues to unfold, the world eagerly awaits to see how this ambitious project will shape the future of social media, finance, and digital assets.
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