Nikita Bier, X's head of product, may have hinted at the company's plans for its upcoming launch. In a recent post that garnered over 677,000 views in a matter of hours, Bier stated, 'Crypto has had a tough year, perhaps it's time to introduce something to address these issues.' This statement comes on the heels of Elon Musk's announcement that X Money will be launching in April, featuring 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 X Money's underlying structure remain unclear, it has been described as a fiat-based product with no confirmed cryptocurrency functionality.
However, the company has stopped short of explicitly ruling out the use of blockchain technology, and the product's design overlaps with areas where cryptocurrency has focused, such as instant payments and yield on dollar balances. Recently, X hired Benji Taylor, the former Chief Product Officer at Aave and Head of Design at Base, which has sparked speculation about the company's plans. Bier has expressed admiration for Taylor's work, calling one of his past products one of the best-designed he has seen. The question remains whether X will compete with cryptocurrency or eventually integrate it into its platform.
For now, Bier's post has added to the uncertainty surrounding X's plans, leaving the cryptocurrency community to wonder if its next catalyst will come from within or from external platforms.