In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, dropped a tantalizing hint about the company's upcoming plans. 'Crypto has had a rough year.
Maybe we should launch something to fix it,' he wrote. This statement comes just weeks before the anticipated launch of X Money in April, which is set to introduce peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa and a licensed subsidiary in over 40 US states.
Although the details of X Money's underlying infrastructure remain unclear, the product's 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, further fuels speculation about the potential overlap between X's plans and the crypto space.
As Bier's post sparks curiosity, the question on everyone's mind is whether X will choose to compete with crypto or integrate it into their payments stack. For now, the industry waits with bated breath to see if the next catalyst for growth will come from within or from external players like X.