Social media giant
On April 15, X’s head of product Nikita Bier said the platform has launched Smart Cashtags. According to him, the feature allows users to get live charts of stocks and crypto tokens without leaving the platform.
Additionally, users can trade seamlessly from X, with a pilot test for Canada enabled by WealthSimple.
Beer added,
Cashtags are just the first step in our commitment to being the best destination for the financial and crypto community. Our vision is more than just graphs. The content on X is valuable and useful, so trading should be seamless.
X Money and “all app” plans
Bier noted that the update was a “little taste of what’s to come,” bThe launch was not surprising. He had teased about it on April 13, saying:
Crypto has had a difficult year. Maybe we should launch something to fix it.
In recent months, the crypto market, especially Bitcoin, has increased [BTC]fell nearly 50% from a peak of $126,000 to $60,000. At the time of writing, it had risen back above $70,000. The bearish trend was similar to the last crypto winter.
However, X Smart cash tags was not just intended to ‘fix’ the current bearish crypto market sentiment. It was a step closer to its bold “all-app” vision, where finance, social media, shopping and every other service can be done under one roof, similar to China’s WeChat.
For payments, X Money, which became accessible to the public at the beginning of April, will compete with CashApp and Venmo. Now the trading opportunity is handled by the Smart Cashtags. And both features support crypto.
Commenting on the update, Kash Dhanda, crypto investor and advisor at Solana-based Jupiter Exchange, said:
On-chain finance is eating the world step by step. The future looks bright, my friends.
But has the launch boosted market sentiment? Slightly.
While broader market sentiment was still in the ‘extreme fear’ zone, the crypto Fear and Greed Index climbed from 12 to 23 at the time of writing. In other words, the broader market panic subsided, but caution persisted as it remained stuck at the ‘extreme fear’ level.
Final summary
- X has launched Smart Cashtags for real-time data for financial and crypto tokens.
- For