X's head of product, Nikita Bier, recently hinted that the company may be developing a solution to address the challenges faced by the crypto industry. 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 statement comes as Elon Musk's X Money is set to launch in April, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa.
Although the details of X Money's underlying technology remain unclear, it has been described as a fiat-based product with no confirmed crypto functionality. However, 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 Money and crypto. As the launch of X Money approaches, it remains to be seen whether the company will compete with crypto or integrate it into its platform, potentially using blockchain infrastructure without directly exposing users to it.