Cross River Bank will power XMoney, part of the Elon Musk social media platform X.
X has long held Fintech ambitions, aiming to become an “everything App.” X has emerged as the world’s community forum, offering global news and perspectives unfettered by opinion, where all sides may participate in the conversation.
Gilles Gade, Cross River CEO, stated on X:
“We’re very proud and honored to roll out the very first social media FDIC-insured banking platform in partnership with X. When fully available, Xmoney will deliver to hundreds of millions of X users intuitive and elegant payments and account functionalities with the full consumer protection and trust of a regulated entity. This is a game changer for consumers and the market at large from a technological, banking, and lifestyle perspective. Much more to come in the coming weeks!”
XMoney posted today:
“Your money, on the world’s most powerful network. X Money is rolling out to U.S. Premium and Premium+ subscribers starting today.”
The highlighted services include:
- Free, instant transfers on X
- Up to 6.00% APY
- 3% cashback on eligible purchases with the X Card
- Early direct deposit — up to two days before your normal payday
- Wires, checks, and free ATM withdrawals
- Fast, dedicated support
FDIC insurance is said to be up to $10 million through X’s Cash Sweep Program.
Cross River explains that X will become the first social media platform in the US with FDIC-insured interest-bearing accounts, a Visa debit card, and the ability to make payments and transfers.
Cross River is a leading Fintech provider of digital financial services with a regulated banking core platform.
Cross River also supports crypto, but it is not yet known whether X will involve digital assets from the outset. Last month, Cross River announced a partnership with Figure to purchase crypto-backed loans.
In March, Cross River raised $50 million in equity capital to support its strategy of “embedded finance 2.0” that bundles crypto, lending, payments, cards and AI on a single platform.
Cross River described the collaboration as a new standard for money movement, combining compliance, speed, and scale.
Cross River works with many well-established firms like Upgrade, Upstart, Trustly, Stripe, Plaid, DailyPay, Coinbase, Checkout, Bill.com, Best Egg, and Affirm. In 2025, Cross River facilitated nearly $1.5 billion in loans.