Elon Musk's X Explores In-App Trading Hub with Financial-Data Partner

Elon Musk's transformative endeavor, the upcoming super app X (formerly Twitter), is reportedly in search of a financial-data heavyweight to collaborate on establishing a trading hub within the app. While Musk has indicated no active involvement, documents and sources cited by Semafor, a news outlet, suggest a potential move in this direction. X has purportedly reached out to prominent financial-data providers, soliciting proposals for incorporating financial content and real-time stock data, among other features. It remains uncertain whether any firms have responded to the request, which had a submission deadline last week. In its communication with potential partners, X highlighted its substantial user base, boasting "hundreds of millions of highly qualified users." However, it's noteworthy that X is not offering compensation to these data firms. Instead, the firms were asked to specify their potential investment amounts for the project. Elon Musk himself addressed the matter on X, stating that, to his knowledge, no work is currently underway in this regard. While not a complete dismissal, his response could imply that the concept is being explored, albeit without immediate implementation. This isn't the first instance of X contemplating the integration of a trading hub. Earlier this year, social investment platform eToro unveiled plans to provide trading services, including cryptocurrencies, directly to users of the then-Twitter platform. If X proceeds with its in-app trading hub initiative, it could potentially facilitate cryptocurrency trading, building upon Musk's affinity for digital assets, notably meme coin dogecoin (DOGE) and potentially including bitcoin (BTC). Brian Armstrong, CEO of Coinbase, recently disclosed that the Securities and Exchange Commission (SEC) instructed him to halt trading activities for most cryptocurrencies except bitcoin, suggesting a favorable regulatory stance toward bitcoin. While initially focusing on fiat currency payments, Musk's X has expressed openness to incorporating cryptocurrencies at a later stage. The rebranding of Twitter to X, unveiled in July, forms part of Musk's grand vision for an all-encompassing app similar to China's WeChat, designed to offer a wide array of services spanning payments to gaming. Crypto experts anticipate positive implications for the ecosystem from this transformation, potentially serving as a "game-changer." In the evolving landscape of digital innovation, Elon Musk's ventures continue to intrigue and captivate, potentially reshaping how users engage with financial and digital assets.