X's head of product, Nikita Bier, has sparked curiosity with a recent post that garnered over 677,000 views in a matter of hours. 'Crypto has had a rough year. Maybe we should launch something to fix it,' he wrote. This comes as Elon Musk's X Money is set to go live in April, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa.
Although details about the product's underlying technology are scarce, it has been described as a fiat-based system with no confirmed cryptocurrency functionality. However, the company has not explicitly ruled out the use of blockchain technology, and the product's design overlaps with areas where cryptocurrency has been focused, such as instant payments and yield on dollar balances.
Recently, X hired Benji Taylor, Aave's former Chief Product Officer, which has further fueled speculation about the company's plans. Bier has expressed admiration for Taylor's work, calling one of his past products one of the best-designed he had seen.
The question remains whether X will compete with cryptocurrency or eventually integrate it into its payments system. For now, the ambiguity surrounding X's plans continues to generate interest and speculation.