Nikita Bier, X's head of product, has recently expressed his thoughts on the current state of the crypto market, stating that it has had a rough year and suggesting that a new launch could be the solution. This statement comes just weeks before the highly anticipated launch of X Money, a fiat payments app developed in collaboration with Visa, offering a range of features including peer-to-peer transfers, bank deposits, and cashback rewards. Although details about the app's underlying technology are scarce, its design bears similarities to areas where crypto has been focused, such as instant payments and yield on dollar balances. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has further fueled speculation about the potential overlap between X's product and crypto.
While it remains unclear whether X will compete with crypto or eventually incorporate blockchain infrastructure, Bier's statement has ignited interest and debate within the industry.