Nikita Bier, X's head of product, recently sparked interest with a statement that may have revealed what X is planning to launch. ' Crypto has had a tough year, perhaps it's time we introduce something to address these issues,' Bier wrote in a post that garnered over 677,000 views in a matter of hours. 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 and available in over 40 US states.
While the details of the product remain unclear, it has been described as fiat-based, with no confirmed cryptocurrency functionality. However, X has not ruled out the possibility of incorporating blockchain technology, and the product's design overlaps with areas where crypto has been focused, 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 direction of the product.
Taylor's past work has been praised by Bier, who has expressed admiration for one of his previous products. As X Money's launch approaches, it remains to be seen whether the product will compete with crypto or eventually integrate with it. For now, Bier's statement has added to the ambiguity surrounding the project, leaving the crypto community to wonder what's next.