In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, expressed his thoughts on the current state of 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 the launch of X Money, a fiat payments app offering peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa. Although details about the product's underlying technology are scarce, its design shares similarities with areas where crypto has been focusing its efforts, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also sparked speculation about the potential integration of crypto functionality.
As the launch of X Money approaches, the question remains whether it will compete with or complement the crypto industry. Bier's statement has added to the ambiguity, leaving the industry wondering if the next catalyst for growth will come from within or from external platforms like X.