Nikita Bier, X's head of product, recently made a statement that has garnered significant attention, suggesting that the crypto industry's struggles may be addressed through an upcoming launch. His post, which gained over 677,000 views in a matter of hours, reads: 'Crypto has had a rough year. Maybe we should launch something to fix it.' This statement comes weeks before the anticipated launch of X Money, a fiat payments app offering a 6% yield and a Visa card.
Elon Musk confirmed last month that X Money will go live in April, featuring peer-to-peer transfers, bank deposits, and cashback rewards, built in partnership with Visa and a licensed subsidiary in over 40 US states. While details about the product remain scarce, its design bears similarities to areas where crypto has focused its efforts, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also sparked speculation about the potential integration of crypto functionality. As X's product launch approaches, the question remains whether it will compete with crypto or eventually incorporate blockchain infrastructure, potentially using it behind the scenes without direct user exposure.
For now, the ambiguity surrounding X's plans continues to generate interest and speculation within the crypto community.