In a recent post, Nikita Bier, X's head of product, suggested that the cryptocurrency space has faced significant difficulties over the past year, implying that a new solution might be on the horizon. The statement, which garnered over 677,000 views in a matter of hours, has sparked curiosity about the upcoming launch of X Money.
Set to go live in April, X Money will offer peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa and a licensed subsidiary in over 40 US states. While the details of the product's underlying technology remain unclear, it has been described as a fiat-based system with no confirmed cryptocurrency functionality. However, the company has not explicitly ruled out the use of blockchain technology, and the product's design shares similarities with areas where cryptocurrency has focused its efforts, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has also raised questions about the potential overlap between X's product and the cryptocurrency space.
As the launch of X Money approaches, it remains to be seen whether the company will choose to compete with cryptocurrency or integrate it into its platform, potentially using blockchain infrastructure without directly exposing users to it.