Nikita Bier, X's head of product, has sparked intense interest with a recent post that may be hinting at the company's plans to address the challenges faced by the crypto sector. 'Crypto has had a rough year. Maybe we should launch something to fix it,' Bier wrote, garnering over 677,000 views in a matter of hours. With the launch of X Money, a fiat-based payments app featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, set to go live in April, speculation is growing about its potential implications for the crypto industry.
Although the app is being built with Visa and will operate in over 40 US states, the extent of its functionality and potential integration with blockchain technology remains unclear. The recent hiring of Benji Taylor, former Chief Product Officer at Aave, has further fueled speculation about the company's plans. As the crypto industry awaits its next major development, it is uncertain whether this catalyst will emerge from within the sector or from external platforms like X.
Bier's post has added to the ambiguity, leaving many to wonder whether X will compete with crypto for users seeking convenience and yield or eventually incorporate crypto infrastructure into its payments stack.