Nikita Bier, X's head of product, recently made a statement that has garnered significant attention, saying 'Crypto has had a rough year. Maybe we should launch something to fix it.' This comment comes just weeks before the anticipated launch of X Money, a fiat payments app developed in partnership with Visa, offering a 6% yield and a Visa card.
Although Elon Musk confirmed the app's launch in April, featuring peer-to-peer transfers, bank deposits, and cashback rewards, the underlying technology remains unclear. The hiring of Benji Taylor, Aave's former Chief Product Officer, has fueled speculation about the potential integration of crypto functionality. As the launch date approaches, it is uncertain whether X Money will compete with crypto or incorporate blockchain technology, leaving the crypto community waiting for its next catalyst.