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Social Network X Ventures Into Finance With Digital Wallet Launch

by THEFUTURE.TEAM

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.

Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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