Nikita Bier, X's head of product, has made a statement that may indicate the company's upcoming launch will address the crypto industry's recent struggles. In a post that gained over 677,000 views, Bier said, 'Crypto has had a rough year. Maybe we should launch something to fix it.' This 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 with Visa.
Although details about the product are scarce, 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 speculation about the company's plans.
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.