Nikita Bier, X's head of product, may have just hinted at the company's plans. In a post that garnered over 677,000 views in a matter of hours, Bier stated, "Crypto has had a rough year.
Maybe we should launch something to fix it." This statement 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 and a licensed subsidiary in over 40 US states. While the details of X Money's underlying technology remain unclear, it has been described as a fiat-based product with no confirmed cryptocurrency functionality. However, the company has not explicitly ruled out the use of blockchain technology, and the product's design overlaps with areas where cryptocurrency has focused, such as instant payments and yield on dollar balances.
Recently, X hired Benji Taylor, formerly the Chief Product Officer at Aave and Head of Design at Base, which has sparked speculation about the potential integration of cryptocurrency into X Money. Bier has expressed admiration for Taylor's work, calling one of his past products one of the best-designed he has seen.
The ambiguity surrounding X Money's plans has left many wondering whether the company will compete with cryptocurrency or eventually incorporate it into their platform. For now, Bier's statement has added to the uncertainty, leaving the cryptocurrency community to ponder whether its next catalyst will come from within the industry or from external platforms like X Money.