Elon Musk's social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another.
The service, known as X Money, is not a new bank. X Money is using technology and banking services provided by Cross River Bank, and branding that backbone as X Money. It is common for new financial companies to use a traditional bank's backbone to launch its services, as chartering a new bank is a timely and costly process.
