Social media platform X has generated roughly $1 billion in trading volume from its new Cashtags feature. The product head stated this volume was reached within days of the feature’s launch. Cashtags allow users to view real-time stock and cryptocurrency data directly within the app, representing a step toward Elon Musk‘s vision of an “everything app.”
Social media platform X has already generated roughly $1 billion in trading volume from its new Cashtags feature. The feature allows users to view stock and crypto data directly from the app.
Nikita Bier, the company’s head of product, said the estimated $1 billion in trading volume was reached after launching on Tuesday night. He cited data aggregated from X’s trading pilot.
The new feature is currently only available to US and Canadian users on iPhones. It is part of Elon Musk‘s vision of turning X into an “everything app,” including peer-to-peer payments and e-commerce.
X sees more than 550 million users each month. This positions it as one of the largest social media platforms globally.
Cashtags allow users to select a specific asset or smart contract address when posting a ticker. Tapping a tag displays live price charts and related posts.
Online brokerage Wealthsimple partnered with X to integrate the Cashtag feature for Canadians. The partnership enables clicks on crypto and stock tickers to lead directly to its trading platform.
The Cashtags feature hasn’t been integrated with a US brokerage yet. Musk’s company also has X Money in the pipeline.
X Money is a peer-to-peer payments system that seeks to offer yield-bearing accounts and a cashback debit card. X rolled out an external beta of X Money in early March.
The integration of crypto payments into X Money remains a mystery. Over the last few years, X has secured money transmitter licenses in over 40 US states.
X has also registered with the Financial Crimes Enforcement Network. This registration makes peer-to-peer payments possible on the platform.
