X, formerly known as Twitter, plans to build an in-app commerce center, business news site Semafor reported 3 August.
The social media company has reportedly sent out requests for proposals to potential partners who can provide financial content, real-time inventory data, and other features. It promises to help those partners reach its hundreds of millions of users.
In particular, these proposals do not provide payment to partners. According to Semafor, X wants partners to pledge money to the project themselves.
Semafor also noted that it is unclear whether the plans have progressed, writing: “It is not clear which companies, if any, have submitted proposals that were due last week.”
X has not yet announced any plans to introduce such a trading feature. Instead, Semafor said it obtained its information from sources familiar with the matter. Semafor also said he could see X’s requests for plans.
X has previously looked at stocks, crypto
There is also no indication whether X’s trading plans could include cryptocurrency. However, past developments offer some clues in this area.
X, while operating under the Twitter brand, introduced certain basic trading features. The company is currently integrating TradingView price charts, which are displayed when users search for a stock quote. Since December 2022, that feature includes certain cryptos, such as Bitcoin (BTC) and Ethereum (ETH).
Twitter also partnered with popular trading app eToro in April 2023, allowing users to buy stocks and cryptocurrency via a link. However, the latest report from Semafor suggests that this feature has not yet come to fruition.
X’s latest trading plans appear to be part of Elon Musk’s plans to make the site an “everything app.” The company also recently obtained money transmitter licenses in accordance with these plans.
This would allow the company to support PayPal-like payments, though once again the company has not publicly announced such a financial service.
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