Nikita Bier, X's head of product, recently hinted at a potential solution for the crypto industry's struggles, stating, 'Crypto has had a rough year. Maybe we should launch something to fix it.' This statement, which garnered over 677,000 views in a matter of hours, has raised questions about what X is planning to launch.
With the upcoming release of X Money in April, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, built in partnership with Visa, speculation is growing. While details about the product remain limited, it is clear that it will be fiat-based, 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 interest, given his experience in designing products that overlap with areas where crypto has focused, such as instant payments and yield on dollar balances. As the launch of X Money approaches, it remains to be seen whether the product will compete with crypto or eventually integrate with it, potentially using blockchain infrastructure behind the scenes.