Key Highlights
- X Money payment app has begun limited external beta testing featuring cashback rewards and 6% annual yields
- Star Trek legend William Shatner participated in early testing and posted screenshots of the interface
- Cross River Bank holds all deposits with FDIC protection covering up to $250,000
- Shatner auctioned beta access slots at $1,000 per invite to benefit charitable causes
- No cryptocurrency features appear in the current version despite Musk’s Dogecoin advocacy
Elon Musk’s financial services platform X Money has entered its limited external beta phase this week. Initial screenshots reveal the app includes cashback incentives, a 6% annual percentage yield for account balances, and federally insured banking features.
William Shatner, the iconic actor who portrayed Captain Kirk in Star Trek’s original series, joined the early testing group. He published multiple images of the application’s interface across his social media channels.
The shared images demonstrate that cardholders can receive cashback on qualifying purchases. Account balances generate a 6% annual percentage yield.
Cross River Bank, an FDIC member institution, maintains user deposits. Federal insurance protects individual accounts up to $250,000.
The payment service represents a component of Musk’s vision to transform X into a comprehensive “everything app.” The ecosystem aims to integrate payments, communications, 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.”
X Money has been undergoing closed beta evaluation since May 2025 at minimum. Musk revealed on February 11 that the platform would transition to external testing ahead of its public release.
Beta Access Distribution Method
Musk transferred $42 to Shatner for testing purposes. Shatner subsequently leveraged those funds to support charitable organizations by selling 42 X Money beta invitation codes for $1,000 apiece, with authorization from X.
Successful bidders obtained a $25 welcome gift card from X along with $1 originally transmitted to Shatner by Musk. An additional auction round made 166 more invitations available at identical pricing.
Beta participation requires US residency, minimum age of 18, and maintenance of an X account with good standing status.
Beta participants will obtain a metal X Money debit card personalized with their username. Visa issues the card through X’s banking partnership.
Cryptocurrency Features Remain Absent
Despite Musk’s prominent advocacy for Dogecoin, the current X Money platform shows no evidence of cryptocurrency functionality. The company hasn’t revealed specific plans for digital currency payment options.
X Money represents Musk’s re-entry into the financial technology sector. He established X.com during the late 1990s, which eventually merged with another company to form PayPal.
Over the past several years, X has secured money transmitter licenses across more than 40 US states. The platform has additionally completed registration with the Financial Crimes Enforcement Network, enabling peer-to-peer payment capabilities on the social network.
