Nikita Bier, X's head of product, recently posted a statement that has garnered significant attention, with over 677,000 views in a matter of hours. "Crypto has had a rough year. Maybe we should launch something to fix it," the post read. This comes as Elon Musk's X Money is set to launch in April, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa.
Although details about the product are still scarce, it is confirmed to be fiat-based, with no explicit crypto functionality. However, the company has not ruled out the possibility of incorporating blockchain technology in the future.
The hiring of Benji Taylor, former Chief Product Officer at Aave, has also sparked speculation about the potential overlap between X's product and crypto. As the launch of X Money approaches, the crypto community is left wondering whether this new product will compete with or integrate with existing crypto solutions, potentially bringing a much-needed catalyst to the industry.