TLDR
- X Money by Elon Musk begins external beta phase featuring cashback incentives and 6% annual yield on balances
- Star Trek legend William Shatner participates in beta testing and reveals initial app interface
- Cross River Bank manages deposits with FDIC protection covering up to $250,000
- Beta access slots were sold at $1,000 per invite through Shatner’s charitable auction
- No cryptocurrency functionality appears in X Money despite Musk’s vocal Dogecoin advocacy
Elon Musk’s financial services platform X Money has entered its external beta phase this week. Initial previews reveal functionality such as cashback incentives, a competitive 6% annual return on balances, and federally insured deposit accounts.
William Shatner, the legendary actor famous for his role as Captain James T. Kirk in Star Trek, joined the early testing group. The entertainment icon posted multiple images of the application’s interface across his social channels.
The revealed images demonstrate that participants can receive cashback benefits on select card transactions. Account holders will earn an impressive 6% annual percentage yield on their deposits.
Cross River Bank serves as the deposit custodian and maintains Federal Deposit Insurance Corporation membership. Individual account protection extends to $250,000 per depositor.
X Money represents a crucial component of Musk’s vision to transform X into a comprehensive “everything app.” The ecosystem aims to integrate payments, communication tools, AI capabilities via Grok, and additional services.
In February, Musk characterized X Money as “the place where all money is.” He positioned it as “the central source of all monetary transactions.”
The platform operated in private beta mode from at least May 2025. Musk revealed on February 11 that external testing would commence ahead of the public rollout.
How Beta Invites Were Distributed
Musk transferred $42 to Shatner for application testing purposes. Shatner leveraged this transaction to generate charitable donations by selling 42 X Money beta invitation codes at $1,000 apiece, with official X approval.
Successful bidders obtained a $25 introductory gift card from X plus $1 originally transferred to Shatner by Musk. Subsequently, Shatner conducted a second auction round offering an additional 166 invitation codes at identical pricing.
Participation in the beta program requires US residency and a minimum age of 18 years. Applicants must maintain an active X account with positive standing.
Beta participants will receive a premium metal X Money debit card personalized with their username. Visa serves as the card network partner for these transactions.
No Crypto Integration Yet
Despite Musk’s public enthusiasm for Dogecoin, X Money shows no evidence of cryptocurrency capabilities. The company has not disclosed definitive plans for digital asset payment options.
X Money signifies Musk’s re-entry into the financial technology sector. He established X.com during the late 1990s, which subsequently merged with Confinity to form PayPal.
In the past several years, X has secured money transmission licenses across more than 40 US jurisdictions. Additionally, the platform completed registration with the Financial Crimes Enforcement Network to facilitate peer-to-peer transaction capabilities.
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