TLDR
- X Money has begun limited external beta testing featuring cashback incentives and 6% APY for depositors
- William Shatner joined the beta program and published early screenshots showing app functionality
- Cross River Bank holds user deposits with FDIC insurance covering up to $250,000
- Shatner auctioned beta access invitations at $1,000 per slot to benefit charitable organizations
- Cryptocurrency features remain absent from the current version despite Musk’s Dogecoin advocacy
Elon Musk’s financial platform X Money began limited external beta testing this week. Initial screenshots reveal the app includes cashback incentives, a 6% annual percentage yield for account holders, and federally insured deposits.
William Shatner, the legendary actor who portrayed Captain Kirk in Star Trek’s original television series, became an early beta participant. He posted multiple screenshots of the application across his social media channels.
The images reveal that cardholders can receive cashback on select purchases. Account balances generate a 6% annual percentage yield.
Cross River Bank, a Federal Deposit Insurance Corporation member institution, maintains user deposits. Each account receives insurance protection covering up to $250,000 per individual.
X Money represents a key component of Musk’s vision to transform X into a comprehensive digital platform. The service aims to integrate payments, messaging capabilities, AI features powered by Grok, and additional functions.
During February remarks, Musk characterized X Money as “the place where all money is.” He positioned it as “the central source of all monetary transactions.”
X Money operated in closed beta beginning at least in May 2025. Musk announced on February 11 that external beta testing would precede the broader public release.
How Beta Invites Were Distributed
Musk transferred $42 to Shatner for testing purposes. Shatner leveraged this initial funding to generate charitable donations by auctioning 42 X Money beta invitations at $1,000 apiece with X’s authorization.
Successful bidders obtained a $25 welcome gift card from X along with $1 from the original transfer Musk made to Shatner. A subsequent auction followed, offering another 166 invitations at the identical price point.
Beta program eligibility requires US residency and minimum age of 18 years. Participants must maintain an active X account in good standing.
Beta participants receive a metal X Money debit card displaying their username. Visa processes card transactions through its partnership with X.
No Crypto Integration Yet
Despite Musk’s public advocacy for Dogecoin, cryptocurrency functionality remains absent from X Money. The company has made no definitive announcements regarding digital currency payment options.
X Money represents Musk’s renewed engagement with financial technology. He established X.com during the late 1990s, which eventually merged with another company to form PayPal.
X has secured money transmitter licenses across more than 40 US states in recent years. The platform has completed registration with the Financial Crimes Enforcement Network, enabling peer-to-peer payment capabilities.
