Nikita Bier, X's head of product, has hinted that the company may be working on a solution to address the challenges faced by the crypto industry. In a recent post that gained 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 as Elon Musk's X Money is preparing to go live in April, offering features such as peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa.
While the details of X Money's underlying technology remain unclear, it is known that the product will be fiat-based, with no confirmed crypto functionality. However, the company has not entirely ruled out the possibility of incorporating blockchain technology in the future. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also sparked speculation about the potential direction of X Money. As the launch of X Money approaches, it remains to be seen whether the product will compete with or integrate with the crypto industry, and whether it will provide the catalyst needed to drive growth in the sector.