In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, suggested that the time has come to introduce a solution to crypto's tumultuous year. 'Crypto has had a rough year. Maybe we should launch something to fix it,' Bier wrote.
This statement comes on the heels of Elon Musk's announcement that X Money will launch in April, boasting features such as peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in collaboration with Visa and licensed subsidiaries across over 40 US states. While details about the product remain scarce, it has been described as a fiat-based offering with no confirmed crypto functionality.
However, X has refrained from explicitly ruling out the integration of blockchain technology, and the product's design shares similarities with areas where crypto has focused its efforts, including instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer and Head of Design at Base, has also sparked curiosity. Bier had been following Taylor's work for years and was instrumental in bringing him on board, praising one of his past products as among the best-designed he had seen.
As the launch of X Money approaches, it remains to be seen whether the product will compete with crypto or eventually incorporate crypto rails behind the scenes, utilizing blockchain infrastructure without directly exposing users to it. For now, Bier's post has added to the ambiguity, leaving the crypto community wondering whether its next catalyst for growth will come from within or from external platforms building around it.