Nikita Bier, X's head of product, recently made a statement that has garnered significant attention, with over 677,000 views in a matter of hours. 'Crypto has had a rough year.
Maybe we should launch something to fix it,' he wrote. This comes as Elon Musk's X Money is set to launch in April, offering 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 details about the product remain scarce, it is clear that it will be fiat-based, with no explicit crypto functionality.
However, the company has not ruled out the possibility of incorporating blockchain technology in the future. The hiring of Benji Taylor, former Chief Product Officer at Aave and Head of Design at Base, three weeks ago has also sparked speculation about the potential overlap between X's product and crypto.
Bier has expressed admiration for Taylor's work, calling one of his past products among the best-designed he has seen. As X Money's launch approaches, the question remains whether it will compete with crypto or eventually integrate with it, potentially using blockchain infrastructure without exposing users to it directly.
For now, the ambiguity surrounding X's plans has left the crypto community waiting for its next catalyst, unsure whether it will come from within the industry or from external platforms like X.