Nikita Bier, X's head of product, recently suggested that the company may be working on a solution to address the crypto industry's struggles. 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 anticipated launch of X Money in April, which will feature peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa. Although details about the product remain scarce, it is known that X Money will operate using fiat currency and offer a 6% yield, but it is unclear whether it will incorporate blockchain technology.
The company's recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also fueled speculation about the potential integration of crypto functionality. As the launch of X Money approaches, the crypto industry waits with bated breath to see whether this new product will pose a threat to existing crypto solutions or potentially collaborate with them.