Nikita Bier, X's head of product, recently hinted that the company may be working on a solution to address the challenges faced by the crypto industry. 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 just weeks before the launch of X Money, a fiat payments app developed in partnership with Visa, which will offer peer-to-peer transfers, bank deposits, a debit card, and cashback rewards in over 40 US states. While details about the app's underlying technology remain scarce, its design overlaps with areas where crypto has been focusing its efforts, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, former Chief Product Officer at Aave, has further fueled speculation about the potential integration of crypto functionality into X Money.
As the launch of X Money approaches, it remains to be seen whether the company will choose to compete with crypto or eventually incorporate blockchain technology into its payments stack.