X (formerly Twitter), a social networking service (SNS) with 560 million monthly active users (MAU), signaled it will introduce a button that lets users transact virtual assets directly from posts. The button's rollout is expected to trigger a seismic shift in the virtual asset industry.
According to the virtual asset industry on the 26th, X said it plans to introduce a one-click transaction button and Cashtags that let users check virtual asset price charts within posts and transact directly. The idea is to allow users to confirm tokens in their timelines and transact without moving to a separate wallet or exchange.
Cashtags is a feature that lets users enter a specific stock ticker (a unique letter code identifying a corporations' stock in the stock market) or a virtual asset symbol such as "$BTC" with a dollar sign in a post, and then check real-time price charts and related financial data directly on X.
X first introduced Cashtags in April to iPhone users in the United States and Canada. The feature was estimated to have recorded about $1 billion in transaction volume within 48 hours of launch. X also added real-time stock charts in May.
This is part of operator Elon Musk's plan to develop X into an all-in-one super application that enables ▲ messaging ▲ posting ▲ remittances ▲ payments ▲ investment.
The virtual asset transaction feature is expected to be linked with X Money. X Money is a payments and financial service that supports a deposit account function, fee-free peer-to-peer (P2P) remittances, and bank account deposits and withdrawals. In partnership with Visa, it also offers debit card issuance and Apple Wallet integration for payments.
With X's monthly users reaching 560 million, the introduction of a virtual asset feature could threaten the market share of existing virtual asset exchanges, some say. The number of users at the world's No. 1 exchange, Binance Holdings Ltd., stood at 322.5 million as of last month. X's monthly users in Korea are in the 7 million range.
However, because Cashtags is still applied only in select markets, the actual scope of the transaction button's deployment has not been finalized. A specific timeline for the virtual asset transaction button has not been shared.