Nikita Bier, X's head of product, recently made a statement that may have revealed the company's plans. "Crypto has had a rough year, perhaps it's time we launch something to address these issues," Bier wrote in a post that garnered over 677,000 views in a matter of hours. This statement comes just weeks before Elon Musk's X Money is set to launch in April, offering features like peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa.
Although details about the product's underlying technology are scarce, it has been described as a fiat-based system with no confirmed cryptocurrency integration. However, X has not explicitly ruled out the use of blockchain technology, and the product's design overlaps with 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, adds to the speculation. Bier had been following Taylor's work for years and was impressed by one of his past products, which he considered to be among the best-designed he had seen.
The question remains whether X will compete with crypto or eventually integrate it into its payments system. For now, Bier's statement has left the crypto community wondering if the next significant development will come from within the industry or from external platforms.