Nikita Bier, X's head of product, has made a thought-provoking statement that may be a hint at the company's upcoming launch. In a post that garnered over 677,000 views in a matter of hours, Bier said, 'Crypto has had a rough year. Maybe we should launch something to fix it.' This statement comes just weeks before the launch of X Money, a fiat payments app that will offer 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 are still unclear, the product's design shares similarities with 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 raised questions about the potential overlap between X's product and crypto. While it is uncertain whether X will compete with crypto or eventually integrate it, Bier's statement has added to the ambiguity, leaving the crypto community wondering if the next catalyst for growth will come from within the industry or from external platforms.