In a recent post that garnered over 677,000 views, Nikita Bier, X's head of product, suggested that the launch of something new could be the solution to crypto's tumultuous year. This statement comes weeks before Elon Musk's X Money is set to go live, offering peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built with Visa and licensed in over 40 US states. While details about the product remain scarce, its design shares similarities with areas crypto has been focusing on, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, further fuels speculation about the product's potential overlap with crypto.
Bier's statement leaves room for interpretation, sparking questions about whether X Money will compete with or integrate crypto, and whether it will use blockchain infrastructure behind the scenes.