In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, suggested that the company may be working on a solution to address the cryptocurrency market's recent struggles. '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 set to launch in April, offering peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa. 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 explicitly 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 sparked speculation about the potential for crypto integration. As X Money's launch approaches, it remains to be seen whether the company will choose to compete with crypto or explore opportunities for integration, potentially using blockchain infrastructure to enhance its services without directly exposing users to it.