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Cross River to power X Money as X expands in-app banking

Cross River to power X Money as X expands in-app banking

X Money has expanded from a narrower rollout to all U.S. Premium and Premium+ subscribers, while Cross River provides the regulated banking infrastructure behind transfers, deposit accounts and the X Card.

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Fact Check
The official BusinessWire press release 'Cross River Powers X Money' directly confirms every element of the claim: Cross River providing banking infrastructure, FDIC-insured interest-bearing accounts, Visa debit cards, and P2P payments as X expands financial services. Cointelegraph ('Cross River to Provide Banking Infrastructure for X Money') and Crypto Briefing ('X Money rolls out to US Premium users') independently corroborate the same details, including FDIC insurance specifically via Cross River Bank.
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Summary

X Money has widened access in the United States to all Premium and Premium+ subscribers, extending a rollout that had previously been limited to Premium users and some Premium+ users as X pushes further into in-app financial services. Cross River provides the regulated banking infrastructure behind the service, which offers peer-to-peer transfers, FDIC-insured interest-bearing deposit accounts and a Visa debit card inside X. Features previously announced include free instant transfers between X users, annual percentage yields of up to 6%, and 3% cashback on eligible X Card purchases. X has not announced support for Bitcoin, Dogecoin, stablecoins or any other cryptocurrency in X Money. Separately, Benji Taylor, who developed the non-custodial cryptocurrency wallet Family, is serving as head of design at X.

Terms & Concepts
  • cash sweep program: A system that distributes customer deposits across multiple participating banks, which can expand available FDIC insurance coverage.
  • pass-through FDIC insurance: Deposit insurance that can apply to customer funds held through an intermediary, provided regulatory and recordkeeping requirements are met.
  • non-custodial cryptocurrency wallet: A crypto wallet that lets users control their own private keys rather than relying on a third party to hold their assets.