Nikita Bier, X's head of product, may have just given a glimpse into what the company has in store. In a post that garnered over 677,000 views in a matter of hours, Bier stated, '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 and available in over 40 US states. While details about the product are limited, it appears to be a fiat-based service with no confirmed cryptocurrency features.
However, the company has not explicitly ruled out the use of blockchain technology, and the product's design overlaps with areas where cryptocurrency has focused, such as instant payments and yields on dollar balances. Recently, X hired Benji Taylor, former Chief Product Officer at Aave and Head of Design at Base, a move that has sparked speculation about the potential integration of cryptocurrency into X's services. Bier's post has added to the ambiguity, leaving the crypto community wondering if the next major development will come from within the industry or from external platforms like X.
As X Money prepares to go live, it remains to be seen whether it will compete with crypto for users or eventually incorporate blockchain technology into its services.