Nikita Bier, X's head of product, recently sparked interest with a statement that may have revealed the company's plans to address the crypto industry's struggles. His post, which gained over 677,000 views in a matter of hours, read: 'Crypto has had a rough year. Maybe we should launch something to fix it.' This comes as X Money is set to launch in April, offering features such as peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa.
While details about the product's underlying technology remain scarce, it is known that X Money will operate on a fiat-based system, at least initially. The company has not ruled out the possibility of incorporating blockchain technology in the future, which has led to speculation about the potential overlap between X Money and the crypto space.
The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has further fueled this speculation. As X Money's launch approaches, the crypto community is left wondering whether this new product will compete with or complement existing crypto solutions, and whether it will ultimately provide the catalyst the industry needs to move forward.