In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, hinted that the company may be on the verge of introducing something new to address the challenges crypto has faced this year. 'Crypto has had a rough year.
Maybe we should launch something to fix it,' Bier wrote. This statement comes as Elon Musk's X Money is preparing to go live in April, offering features such as 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 X Money are still emerging, it has been described as a fiat-based product, although 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 crypto. As Bier's post suggests, the company may be exploring ways to address the shortcomings of crypto, either by competing with it or integrating it into their platform.
For now, the exact nature of X Money and its relationship to crypto remains unclear, leaving the industry to wonder whether its next major development will come from within or from external platforms like X.