Actor William Shatner stated on Sunday that the X Money payments service uses fiat money backed by a “real bank” and has nothing to do with cryptocurrency.
Not Crypto, But Fiat
The “Star Trek” star, who has been promoting the social media giant’s new feature, stated the deposits are held in dollars in Cross River Bank and are insured by the Federal Deposit Insurance Corporation up to $250,000 per person.
Just so we are all clear; @XMoney is fiat not crypto. It's actual US Dollars backed by a real bank and is FDIC insured up to $250,000.
The clarification comes in the wake of the beta rollout of the X Money feature as part of Elon Musk's ambitious "everything app" vision. Shatner previewed the service earlier in the week, sharing screenshots of the user interface and other features.
Shatner said he's endorsing "X Money" only to raise money for his charity, denying allegations that he is the "poster child" of the service.
Notably, Shatner shared that Musk donated an undisclosed amount to the charity, described by the actor as “Elon dollars.”
So now I have more Elon dollars due to his generosity. Do I give them out to the Round 2 donors or hodl (😝) them for something else to benefit my charity?
Using X Money, users can send money directly within the app. The service also offers a physical debit card, which can be personalized with the user’s official X handle. So far, it has secured a partnership with Visa Inc.(NYSE:V).
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