Elon Musk wants X to be the next Wall Street, will create a hub on the platform to trade stocks, crypto

Elon Musk’s ambitions to turn what we formerly know as Twitter, now X, into his dream project, a super, do everything app called is charting course in a new direction.

Elon Musk and his team is is looking for a financial-data giant to create a trading hub within the app. The information was published by the news outlet Semafor, based on leaked documents and interviews with individuals familiar with the matter.

Turning X into an everything App
According to the documents, X recently reached out to financial-data providers, requesting proposals for various financial content, including real-time stock data. It remains uncertain if any firms submitted their proposals by the deadline, which was last week, as stated by Semafor.

X’s request to the data firms emphasized offering potential partners access to “hundreds of millions of highly qualified users.” However, there was no mention of compensation in the request. Instead, the firms were asked to indicate the amount of money they were willing to invest in the project, as reported by Semafor.

Musk denies any knowledge about upcoming feature
Musk, however, made a statement on X, saying that as far as he knows, no active development is currently taking place for a trading hub on X. Although not a direct denial, this could imply that such a service might be under consideration but not ready to be implemented soon.

No work is being done on this to the best of my knowledge

— Elon Musk (@elonmusk) August 3, 2023

The idea of having a trading hub integrated within the X platform has been discussed before. Earlier this year, eToro, a social investing platform, revealed plans to offer trading services for cryptocurrencies and other assets directly to users of what was then called Twitter, through a partnership.

Should the in-app trading hub plans proceed, given Musk’s fondness for digital assets, particularly meme coin dogecoin (DOGE), the platform could potentially support trading of cryptocurrencies, including bitcoin (BTC), which may be viewed as a secure asset from a regulatory standpoint. This comes after Coinbase CEO Brian Armstrong disclosed that the Securities and Exchange Commission had instructed him to halt trading of all cryptocurrencies except bitcoin, suggesting that this specific cryptocurrency might face fewer regulatory obstacles.

from Firstpost Tech Latest News https://ift.tt/TB7MV2W