In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, hinted that the company may be on the verge of launching something new to revitalize the crypto space. "Crypto has had a rough year, perhaps it's time we introduce something to turn things around," Bier wrote. This statement comes just weeks before the highly anticipated launch of X Money, Elon Musk's fiat payments app, which is set to offer peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa and licensed subsidiaries in over 40 US states. While the details of X Money's underlying technology remain unclear, it has been described as a fiat-based product with no confirmed crypto functionality.
However, the company has not explicitly ruled out the use of blockchain technology, and the product's design overlaps with areas where crypto has been focused, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer and Head of Design at Base, has also sparked speculation about the potential for crypto integration.
Bier has expressed admiration for Taylor's work, calling one of his past products one of the best-designed he has seen. As the launch of X Money approaches, it remains to be seen whether the company will compete with crypto for users seeking yield and convenience or eventually incorporate crypto rails into its payments stack. For now, Bier's post has left the crypto community wondering if the next catalyst for growth will come from within the industry or from external platforms like X.