<\/p>\n
Social media platform X \u2014 formerly known as Twitter \u2014 may soon advance plans to add financial services to its users, hoping to become the American equivalent of the Chinese super-app WeChat.<\/p>\n
The concept of super-apps isn\u2019t new. Tech giant Tencent, the company behind WeChat, has been refining the model since 2011. Like Twitter, it began as a social networking platform but quickly became the go-to app for everything in China, from shopping to filing for divorce with one click.<\/p>\n
Musk believes that, if executed correctly, X could capture \u201chalf of the global financial system.\u201d To accomplish that and keep his promise of delivering an \u201centire financial world\u201d on the platform, the executive might include cryptocurrencies in its plans. There was even a hint that Dogecoin (DOGE) would be a part of it.<\/p>\n
As the \u201cglobal town square\u201d where most crypto business and innovation takes place in real-time, X could play a crucial role in the crypto industry\u2019s future. X is bigger than just a re-branding and could affect the future of money in the Western world.<\/p>\n
This week\u2019s Crypto Biz explores Elon Musk\u2019s plans for X, the Italian central bank\u2019s take on DeFi, PacWest\u2019s merger with Banc of California and more. <\/p>\n
Twitter\u2019s rebrand to X is part of a larger plan to incorporate financial services on the platform, its owner and chief technology officer Elon Musk said. According to Musk, users of X can expect to access an \u201centire financial world\u201d on the platform in the coming months. In the upcoming \u201ceverything app,\u201d digital assets are unlikely to be forgotten, with Musk suggesting that Dogecoin (DOGE) could play a key role in X services. Also, in April, he announced that the platform would soon offer crypto and stock trading through a partnership with eToro. Musk claims that, if executed correctly, X can encompass \u201chalf of the global financial system\u201d with plans for banking, payments and more.\u00a0<\/p>\n
\nTwitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.<\/p>\n
The Twitter name made sense when it was just 140 character messages going back and forth \u2013 like\u2026<\/p>\n
\u2014 Elon Musk (@elonmusk) July 25, 2023<\/a><\/p><\/blockquote>\n
Italian central bank backs DeFi tokenization project with Polygon, Fireblocks<\/h2>\n
The Italian central bank is embracing decentralized finance. The institution recently picked a decentralized finance (DeFi) project to help financial institutions get started with DeFi and tokenized assets. The project is developed by Cetif Advisory in collaboration with Polygon Labs, Fireblocks and other organizations. Italian banks, asset management companies and 10 other financial institutions will participate. The project has no \u201ccommercialisation purpose\u201d but will extend \u201cthe scope of analysis\u201d of security tokens on secondary markets \u2014 an area of growing interest within the crypto industry.\u00a0<\/p>\n
PacWest stock flash crash recovers after rescue merger with Banc of Cali<\/h2>\n
Shares in PacWest bank briefly crashed by 27% on July 25 only to quickly recover on the news it had merged with the Banc of California, with both banks seemingly looking to shore up following the banking industry turmoil in early 2023. The banks combined are expected to have around $36 billion in assets and over $25 billion in total loans. PacWest\u2019s market capitalization is around $1.2 billion, while Banc of California\u2019s was roughly $764 million. The merger was backed by two private-equity firms, Warburg Pincus and Centerbridge, which will provide $400 million in equity, giving them around a 19% stake in the combined business.\u00a0<\/p>\n
\n$44 billion bank PacWest Bancorp $PACW<\/a> crashed over 25% today<\/p>\n
Is the next banking collapse starting right now? pic.twitter.com\/lOopnmCXvB<\/a><\/p>\n