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 address the challenges faced by the crypto industry this year. "Crypto has had a rough year. Maybe we should launch something to fix it," Bier wrote. This statement comes as Elon Musk's X Money is set to launch 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 has been described as a fiat-based product with no confirmed crypto functionality. However, the company has not 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 overlap between X's product and the crypto industry. As X's payments stack is set to compete with crypto for users seeking yield and convenience, it remains to be seen whether the company will choose to integrate crypto rails or maintain a fiat-only approach.