X Money Partners with Cross River for Peer-to-Peer Payment Infrastructure and Banking Features
The financial infrastructure provider will support X Money's peer-to-peer transaction capabilities, federally insured deposit accounts and Visa debit card products as the social media platform broadens its financial technology offerings.
On Monday, Cross River announced it will deliver the underlying banking infrastructure necessary to support X Money, the financial technology platform currently being incorporated into X, facilitating peer-to-peer transaction capabilities, interest-bearing accounts protected by FDIC insurance and Visa-branded debit cards.
According to the company's statement, its comprehensive banking platform and associated payment rails will serve as the foundation for the service as X advances its ambition to transform into an "everything app," featuring infrastructure built to accommodate expanded financial products and service offerings in the future.
Cross River delivers embedded financial infrastructure solutions encompassing payments, card products, lending capabilities and cryptocurrency services to financial technology firms and tech companies via its regulated banking platform and proprietary payment rails. The Monday announcement made no reference to potential support for cryptocurrencies or stablecoin products.
In May 2025, Elon Musk verified that X Money had commenced limited beta testing, stating the preliminary deployment would remain restricted because "extreme care" was required when managing users' savings. The platform subsequently expanded into a limited external beta phase in March 2026 in preparation for a broader public launch.
Musk has been hinting at X Money since as early as 2022, when he characterized his Twitter acquisition as "an accelerant to creating X, the everything app." In the time since that acquisition, X has secured money transmitter licenses across more than 40 US states and completed registration with the Financial Crimes Enforcement Network to facilitate peer-to-peer payment functionality on the platform.