Nikita Bier, X's head of product, has made a thought-provoking statement about the current state of crypto, suggesting that it's time to introduce something new to address its struggles. His post, which garnered over 677,000 views in a matter of hours, reads: 'Crypto has had a rough year.
Maybe we should launch something to fix it.' This comes just weeks before Elon Musk's X Money is set to launch in April, offering features like peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa. Although details about the product are still scarce, it's been confirmed that it will be fiat-based, with no explicit crypto functionality. However, X has not ruled out the possibility of incorporating blockchain technology in the future.
The company's recent hire of Benji Taylor, Aave's former Chief Product Officer, has also sparked speculation about the potential overlap between X's product and crypto. As the launch of X Money approaches, the question remains whether it will compete with or complement crypto, and whether it will ultimately incorporate crypto rails or remain a fiat-based product.