Cross River to power X Money P2P payments and banking

Cross River will provide the banking infrastructure for X Money, powering peer-to-peer payments, FDIC-insured interest-bearing deposit accounts and Visa-branded debit cards on the X platform. The company announced the arrangement Monday.

Cross River’s regulated banking platform and payment rails will operate the underlying bank services and transaction processing that enable X to offer those products without maintaining a traditional retail bank charter.

Elon Musk confirmed limited beta testing of X Money in May 2025, noting the initial rollout would be small because ‘extreme care’ was needed when handling users’ savings. X expanded to a limited external beta in March 2026 ahead of a wider launch.

X has obtained money transmitter licenses in more than 40 U.S. states and registered with the Financial Crimes Enforcement Network to support peer-to-peer transfers on the platform.

Cross River provides embedded financial infrastructure for payments, cards, lending and cryptocurrency services through its regulated banking framework. The company’s announcement on X Money did not mention support for cryptocurrencies or stablecoins.

Under the agreement, funds sent and held through X Money would move through Cross River’s regulated systems rather than X’s corporate balance sheet. The infrastructure is built to allow X to add additional financial products over time.

The companies did not disclose financial terms of the partnership. Cross River indicated the platform is ready to support additional services as X scales its financial offering.