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Social Network X Ventures Into Finance With Digital Wallet Launch

Social network X is making its first foray into the financial services sector with the announcement of a new digital wallet, X Wallet, designed to facilitate fast cross-border payments. This move is part of a broader vision by X’s owner, Elon Musk, to create an “app for everything” that seamlessly integrates social media, entertainment, shopping, and communication services.

In a partnership with Visa, which will serve as the first collaborator for the X Money feature, X plans to roll out the digital wallet later this year. The platform will allow users to link their digital wallets to their bank accounts and debit cards, enabling easy transfers between their bank accounts and facilitating peer-to-peer (P2P) payments.

“This is another step towards an app for ‘everything.’ X Money will launch later this year,” said X CEO Linda Iaccarino.

The wallet will initially be available in the first quarter of 2025, with the feature targeting creators on the platform. It will enable them to store publishing funds and receive payments from subscribers, bypassing the need for third-party intermediaries.

As X diversifies into finance, this marks a significant step towards its goal of transforming into a comprehensive platform offering a wide range of services to its users.

Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.

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