May 20, 2024
Latest Cryptocurrency News

Elon Musk Hints at Crypto Integration After Rebranding Twitter to ‘X’

Elon Musk has provided an update on Twitter’s rebranding to X, stating that it’s part of a broader strategy to introduce financial services on the platform.

On July 25, Musk tweeted that his company, X Corp, had acquired Twitter intending to promote freedom of speech and advance the development of an all-encompassing app named “X.” He hinted that in the coming months, users can expect to handle their entire financial activities within the platform. Musk also mentioned that the addition of “comprehensive communications” alongside financial services necessitated the name change as it deviated from Twitter’s original ethos.

The rebranding took effect on July 24, replacing the traditional blue bird logo with an “X” symbol.

In an interview, Musk shared his ambitious vision for X, stating that it could potentially encompass a significant portion of the global financial system, including banking, payments, and more, if executed successfully. Some people drew comparisons between the X app’s potential and China’s popular WeChat platform.

It is worth noting that Musk has been advocating for the integration of financial services on Twitter since he acquired the platform for $44 billion in October 2022. In April, he briefly changed Twitter’s logo to Doge, which caused a 20% surge in the meme cryptocurrency Dogecoin (DOGE) within an hour.

A few weeks later, Twitter’s plans to introduce a new feature in partnership with the fintech platform eToro were revealed, enabling users to trade cryptocurrencies and stocks on the platform. 

After Twitter’s rebranding, users noticed the Doge symbol added to Musk’s profile bio, leading to speculation in the crypto community about a potential integration of Dogecoin for payments on the platform.

Despite Musk’s close ties to the crypto community, which he has shown through his support for Dogecoin, Crypto Twitter had mixed reactions to the platform’s rebranding. Some individuals considered the decision “insane” and vowed to continue referring to the platform by its old name, while others suggested retaining the Twitter name and using X as a wallet for the platform.

Image: Max Pixel

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