X — X Launches 'X Money' Peer-to-Peer Payment Service with 6% Savings APY

X, the platform formerly known as Twitter, has officially launched its financial service, "X Money," enabling users to send money to each other instantly and for free. The service, offered through a partnership with Cross River Bank, also features a savings account with a 6% annual percentage yield and a debit card offering 3% cash back on purchases. Deposits are FDIC-insured up to the standard limit of $250,000.