Cross River said Monday that it will provide the banking infrastructure for X Money, the financial services platform being integrated into X. The service is designed to support peer-to-peer payments, FDIC-insured interest-bearing accounts and Visa debit cards.

The company said its regulated banking platform and payment rails will power X Money as X continues working toward its goal of becoming an “everything app.” Cross River said the infrastructure is intended to support additional financial products and services over time. For a social platform adding financial services, a bank infrastructure partner is a key part of offering regulated account, payment and card capabilities while the consumer experience remains inside the app.

Cross River provides embedded financial infrastructure to fintech and technology companies, including services for payments, cards, lending and cryptocurrency-related products, through its regulated banking platform and payment rails. The announcement did not mention support for cryptocurrencies or stablecoins as part of X Money.

Elon Musk confirmed in May 2025 that X Money had entered limited beta testing, saying the first phase of the rollout would be restricted because “extreme care” was needed when handling users’ savings. The service later expanded to a limited external beta in March 2026 before a broader launch.

Musk has discussed X Money since at least 2022, when he described his acquisition of Twitter as “an accelerant to creating X, the everything app.” Since then, X has obtained money transmitter licenses in more than 40 US states and registered with the Financial Crimes Enforcement Network, steps intended to enable peer-to-peer payments on the platform. Those licensing and registration steps are separate from the banking infrastructure needed to support features such as insured accounts and debit cards.