Nikita Bier, X's head of product, recently hinted that the company may be working on a solution to address the challenges faced by the crypto industry. In a post that garnered over 677,000 views in a matter of hours, Bier stated, 'Crypto has had a rough year.
Maybe we should launch something to fix it.' This statement comes just weeks before the launch of X Money, a fiat payments app developed in collaboration with Visa, which will offer peer-to-peer transfers, bank deposits, a debit card, and cashback rewards in over 40 US states. Although details about the app's underlying technology remain scarce, its design bears similarities to areas where crypto has focused its efforts, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has further fueled speculation about the potential overlap between X's product and crypto. While it is unclear whether X will compete with crypto or eventually integrate it, Bier's statement has sparked interest and raised questions about the future of the industry.