Nikita Bier, X's head of product, may have given a hint about the company's upcoming project. In a recent post that garnered over 677,000 views in a matter of hours, Bier stated, 'Crypto has had a tough year, perhaps it's time to introduce something to address the issue.' This statement comes just weeks before the launch of X Money, a fiat payments app developed in collaboration with Visa, which will offer peer-to-peer transfers, bank deposits, a debit card, and cashback rewards in over 40 US states.
Although the details of the app's underlying technology are still unclear, it has been described as a fiat-based product with no confirmed cryptocurrency functionality. However, the company has not ruled out the possibility of incorporating blockchain technology in the future. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also sparked speculation about the potential overlap between X's product and the crypto space. While it is unclear whether X will compete with crypto or integrate it into its platform, Bier's statement has added to the ambiguity surrounding the project.
As the crypto industry awaits its next catalyst, it remains to be seen whether this will come from within the industry or from external platforms like X.