Social media platform X has rolled out its smart cashtags feature for iPhones in the US and Canada. This development allows users to view real-time stock and cryptocurrency data directly within the app, a key step in Elon Musk's strategy to transform X into a comprehensive financial platform.
Users can now tap a cashtag to see live price charts and related posts. In Canada, a partnership with Wealthsimple enables users to trade stocks and crypto directly through X, though this trading capability is not yet available in the United States.
X's head of product, Nikita Bier, stated that cashtags are the initial phase in establishing X as a premier destination for the finance and crypto communities.
This initiative is part of X's broader ambition to become an 'everything app,' incorporating messaging, social networking, payments, and e-commerce.
The integration with Wealthsimple in Canada provides a model for potential future rollouts in other regions. Bier indicated plans for web and Android versions, as well as a global release of these financial features.
Industry observers suggest X is aiming to replicate the success of 'super apps' like China's WeChat Pay, potentially leveraging cryptocurrency transaction fees as a primary revenue source for its expanding ecosystem.