Musk: X Money is coming soon

On November 14th, Elon Musk announced via his social media platform that X (formerly Twitter) had officially launched a series of new communication features, further expanding the platform's service boundaries.

This update includes end-to-end encrypted private messaging, high-quality audio and video calls, and efficient and convenient file transfer tools, aiming to create a safer and more comprehensive digital communication experience for users.

Musk also revealed that "X Money" is coming soon, signifying a significant step forward for the platform in integrating payment and financial services. This series of actions is seen by outsiders as a key milestone in X's progress towards becoming an "all-in-one app," potentially building a more complete ecosystem in the social, communication, and financial fields.

From the perspective of the crypto industry, Musk and his X platform's moves clearly outline an ambitious "Everything App" strategy, the core of which is to build a closed-loop ecosystem integrating communication, social, and financial services.

The implementation path and challenges of this strategy are highly typical of the industry. Firstly, the launch of the communication function XChat is the infrastructure for building this ecosystem.

This is not a simple feature update, but a complete overhaul of the underlying architecture. The choice of Rust as the development language and the mention of "Bitcoin-style encryption" indicate the team's pursuit of high performance and security, directly targeting encrypted communication platforms like WhatsApp and Signal. Peer-to-peer encryption and message self-destruction are standard features of private communication, aiming to gain user trust and lay the foundation for handling more sensitive financial data later.

Upgrading communication from an optional feature to core infrastructure is laying the foundation for trust in financial activities.

Secondly, X Money is the core monetization and ecosystem loop key to this strategy. It goes far beyond simple payment functionality; its vision is to become a comprehensive financial platform handling "all money-related matters" for users.

The active pursuit of money transmitter licenses in various US states shows that its compliance strategy began long ago, a prerequisite for entering the financial sector. However, the article also reveals its biggest challenge: the conflict between the complexity of financial regulation and its own aggressive development culture.

The development of traditional financial products must adhere to the principle of prudence, which fundamentally contradicts the "rapid iteration, low-cost trial and error" philosophy of internet products. This directly led to internal team turmoil and project delays. Musk himself emphasized "extreme caution when it comes to user savings," which was both a reassurance to outsiders and reflected his deep understanding of the serious consequences of failure in the financial business.