Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’
Musk wants your “entire financial life” on his platform.
“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
As someone who worked for a tech banking company many years, you are too stupid to do it.
This shit is complicated as fuck.
Oh and all the tech in the world or capital you could build is worthless unless you have that sweet banking / credit license in US. And lets just say its really really hard to cone by nowadays.
Oh please. It ain't complicated. I could write a ruby app in a weekend that would do everything a bank does. It's just subtracting from one account and adding to another.
There is literally prior art from him in this regard. He just decided to call it a payment processor so he did not have to do all that bit about it being other people's money.