Only a week after Tesla CEO Elon Musk announced the automaker now accepts Bitcoin as payment, the carmaker has decided to launch its own cryptocurrency. Introducing the very appropriately named X Æ A-12Coin. Like Bitcoin and other digital currencies, X Æ A-12Coin does not exist in physical form. But unlike Bitcoin, it will be issued through a central authority: Tesla, Inc.
Musk said on Twitter he plans to open an online bank by late summer where anyone, anywhere in the world, can purchase X Æ A-12Coin. X Æ A-12, is, of course, the name Musk gave to his youngest son, born last year.
The outspoken CEO added negotiations are currently taking place with major retail companies to accept the new currency. A list of companies was not provided for now. However, the first 412,021 X Æ A-12Coin customers who decide to use the currency to buy a new Tesla Model S or any other vehicle in the lineup, including a Cybertruck pre-order, will receive a 10 percent discount.