Nikita Bier, X's head of product, recently sparked interest with a statement that may be hinting at the company's plans. "Crypto has had a tough year, perhaps it's time we introduce something to address these issues," Bier wrote in a post that garnered over 677,000 views within hours. This comes as Elon Musk's X Money is preparing to launch in April, offering 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. While details about the product's underlying technology remain scarce, it is described as a fiat-based system with no confirmed cryptocurrency integration.
However, X has not explicitly ruled out the use of blockchain technology, and the product's design overlaps with areas where crypto has been focused, such as instant payments and yield on dollar balances. Recently, X hired Benji Taylor, formerly of Aave, as part of its team, which has further fueled speculation about the company's plans.
Bier has expressed admiration for Taylor's past work, calling one of his products one of the best-designed he has seen. The question remains whether X will compete with crypto or eventually integrate it into its payments system. For now, the ambiguity surrounding X's plans continues, leaving the crypto community to wonder if the next significant development will come from within or from external platforms.