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XRP XRPL Foundation CTO: Integration of X Money with XRP may open up new revenue paths for users
Denis Angell, chief technology officer of the XRPL (XRP Ledger) Foundation, proposed that the potential integration of the X Money platform and XRP tokens may allow users to transfer funds from payment platforms to XRP and use interest-earning tools on XRPL to earn revenue. This idea goes beyond simply adding cryptocurrency payments to X Money. Angell believes that there may be a deep connection between X platform's wallet products and XRPL's lending and asset management functions, and users are expected to flow freely between consumer-grade payment accounts and on-chain financial products.
Angell views X Money as a potential XRP portal
"If you use X Money, you can directly transfer funds from your X Money account to XRP and then use the underlying protocol on XRP Ledger to drive revenue generation. I don't think there's anything wrong with that." Angell said. He emphasized that the key lies in the need to establish some form of integration, guidance mechanism and "deposit" and "withdraw" channels to XRP within X social applications.
The above remarks came in the context of Angell's discussion of the XRPL Foundation's work on bringing more traditional financial functions to the ledger. He specifically mentioned loan agreements that are currently running online and can be confirmed by voting, calling them a way to generate revenue. In addition, Angell also highlighted the "Single Asset Vault" and listed it as one of his favorite development results. He described the feature as similar to a mutual fund: Users deposit assets in a pool, and strategies built based on this generate revenue and remain in the pool until users withdraw it.
He explained that the more ambitious goal is to embed "the basics of traditional finance into the protocol itself, rather than just writing smart contracts." This includes financial products such as stocks, bonds and options.
X Money has not yet set foot in cryptocurrencies
As of now, this "deposit" channel does not exist. X Money currently operates as a fiat wallet, allowing users to hold balances, send free transfers to other X Money users, receive direct deposits, and make purchases through a Visa debit card, earning up to an annualized rate of return of 6% and cash return.
The product launched to a limited number of Premium+ subscribers in June and subsequently expanded to more paying subscribers at the end of July, but currently does not support cryptocurrencies or stablecoins. Back in March, Musk hinted at the possibility of cryptocurrency consolidation when he retweeted a post claiming that X Money would eventually add high-yield savings, loans and cryptocurrency consolidation capabilities, calling the vision "grand." [TAG
Since then, there has been no substantial progress in this regard. X's recent payments efforts have focused on its existing dollar system. Although there have been reports of discussions within the platform about paying creators in stablecoins, the core direction remains unchanged.
