- Cross River Bank’s Ripple history sparks speculation around Elon Musk’s X Money.
- X Money App Beta launches with 6% yield and banking features.
- Ripple connection resurfaces as Cross River powers Musk’s financial platform.
The XRP community is abuzz with speculation about Elon Musk‘s X Money app and a perceived connection to Ripple’s XRP infrastructure. The conversation followed a post from popular pundit and analyst, BankXRP on X, where he highlighted that Cross River Bank, the custody partner for X Money App (Beta), has long integrated the Ripple protocol for real-time payment since 2014.
According to BankXRP, the platform relies on Cross River Bank as its regulated banking partner responsible for managing user deposits and supporting the financial framework. This structure allows the application to offer banking-style services while relying on an established financial institution for compliance and custody of customer funds.
X Money App (Beta) Expands Into Full Financial Services
The rollout of the X Money App (Beta) reflects a broader effort to expand the platform beyond social networking and into financial services used in everyday transactions. According to the pundit, the beta version introduces direct deposit functionality that allows users to receive salaries and other payments directly into the application, enabling the platform to operate similarly to a digital banking account.
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Additionally, the platform introduces a physical and virtual payment card known as the all-black X card, allowing users to complete online purchases and in-store transactions while accessing funds stored in their accounts. Besides payment capabilities, the application offers a 6% YPN return on cash balances held within the platform. Users can therefore earn 6% annually while maintaining access to their funds for everyday spending.
Moreover, the platform offers cashback incentives on qualifying purchases made using the X card. Significantly, deposits remain protected because Cross River Bank provides FDIC insurance coverage of up to $250,000 per individual account.
Cross River Bank’s Ripple History Fuels XRP Community Speculation
Attention surrounding Ripple resurfaced after details emerged about Cross River Bank’s earlier involvement with Ripple’s payment technology. The bank had integrated Ripple’s protocol in September 2014 to support real-time cross-border transactions between the United States and Western Europe, raising the question, will X Money also have a Ripple integration?
It is important to note, however, that available information about the X Money App Beta does not confirm that Ripple technology currently powers the platform’s payment infrastructure. Still, the rollout of the Beta app has renewed attention around Cross River Bank’s earlier Ripple integration.
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