Elon Musk has shared an update to users with more information about Twitter’s rebranding to X, saying it’s part of a larger plan to integrate financial services into the platform.

On July 25, Musk tweeted that his company X Corp had acquired Twitter in the name of free speech and to advance development of its “everything app,” also called “X.” He indicated that in the coming months, users can expect to run their “entire financial world” on the platform.

He also mentioned that the addition of “comprehensive communications” along with financial services and expanded posts did not fit with Twitter’s original ethos and therefore merited a name change.

Platform brand he lost his blue bird and shifted to the “X” symbol on July 24.

In an interview, Musk said that if executed correctly, the X has the potential to encompass “half of the global financial system,” with plans for banking, payments and more. Some compared the potential of the X app to China’s WeChat.

Prior to the public awareness of the rebranding, Musk had been advocating for the integration of financial services on the platform since the year he got it in October 2022 for $44 billion.

In April he briefly changed the Twitter logo to Dogewhich caused the memecoin Dogecoin (DOGE) to increase by 20% in the hour after the trick.

A few weeks after that, CNBC reported that Twitter will introduce a new feature in partnership with fintech platform eToro that will allow users trade cryptocurrencies and stocks on the platform.

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Shortly after the rebranding, users noticed that a Doge symbol had been added to Musk’s profile, sparking rumors among the crypto community potential dogecoin integration for payments on the platform.

Despite Musk’s continued relationship with the crypto community through his promotion of memecoin, Crypto Twitter had mixed reactions to rebrand the platform.

Some in the community called the decision “crazy” and that they would still call the platform by its old name, while others suggested keeping the name Twitter and using X as the wallet for the platform.

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