X's head of product, Nikita Bier, recently sparked intense interest with a post that garnered over 677,000 views in a matter of hours, hinting that the company may be working on a solution to address the challenges faced by the crypto industry. "Crypto has had a rough year. Maybe we should launch something to fix it," Bier wrote. This statement comes as Elon Musk's X Money is preparing to launch in April, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa and available in over 40 US states.
Although the details of X Money's underlying technology remain unclear, it has been described as a fiat-based product with no confirmed crypto functionality. However, the company has not ruled out the possibility of incorporating blockchain technology in the future.
The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also raised questions about the potential overlap between X Money and crypto. While it is uncertain whether X Money will compete with or integrate crypto, Bier's statement has added to the speculation. As the launch of X Money approaches, the crypto industry is left wondering whether its next major development will come from within or from external platforms like X.