Nikita Bier, X's head of product, has made a statement that may indicate the company's plans to address the crypto industry's struggles. In a post that gained 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 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 suggest a fiat-based product with no explicit crypto functionality, the company has not ruled out the possibility of incorporating blockchain technology. The recent hiring of Benji Taylor, former Chief Product Officer at Aave, has also sparked speculation about the potential overlap between X's product and the crypto industry. As the launch of X Money approaches, it remains to be seen whether the company will compete with crypto or integrate it into its platform, potentially using blockchain infrastructure without direct user exposure.