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 on the verge of launching something new to address the challenges faced by the crypto industry. 'Crypto has had a rough year. Maybe we should launch something to fix it,' he wrote. This statement comes just weeks before Elon Musk's X Money is set to launch in April, offering peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa.
While details about the product remain scarce, it is clear that it will be fiat-based, with no confirmed crypto functionality. However, the company has not ruled out the possibility of incorporating blockchain technology in the future. The 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 the launch of X Money approaches, it remains to be seen whether the company will compete with crypto for users or eventually integrate crypto rails into its payments stack.
For now, Bier's post has left the industry wondering what's next, and whether the catalyst for change will come from within or from outside the industry.