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 working on a solution to crypto's recent struggles. 'Crypto has had a rough year. Maybe we should launch something to fix it,' he wrote.
This statement comes just weeks before the launch of X Money, a fiat payments app developed in partnership 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 product's underlying technology are scarce, its features overlap with areas where crypto has been focusing, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also sparked speculation about the potential integration of blockchain technology. While it is unclear whether X Money will compete with or complement crypto, Bier's post has added to the ambiguity, leaving the crypto community to wonder if its next catalyst will come from within or from external platforms.