Nikita Bier, X's head of product, recently made a statement that may have revealed what X is working on next. In a post that garnered over 677,000 views in a matter of hours, Bier wrote, 'Crypto has had a rough year. Maybe we should launch something to fix it.' This comes after Elon Musk confirmed that X Money will launch in April, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa and a licensed subsidiary in over 40 US states.
While details about the product remain scarce, it is described as a fiat-based system with no confirmed crypto functionality. However, X has not ruled out the possibility of incorporating blockchain technology, and the product's design shares similarities with areas where crypto has been focused, such as instant payments and yield on dollar balances.
Recently, X hired Benji Taylor, Aave's former Chief Product Officer, which has sparked speculation about the potential integration of crypto rails into X's payments stack. Bier's post has added to the ambiguity, leaving the crypto community wondering whether X's new project will compete with or complement existing crypto solutions.