Nikita Bier, X's head of product, recently hinted at the company's plans to introduce something new to the crypto market, which has experienced a challenging year. In a post that garnered over 677,000 views in a matter of hours, Bier stated, 'Crypto has had a rough year.
Maybe we should launch something to fix it.' This statement comes just weeks before the anticipated launch of X Money in April, which will feature 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 crypto functionality. However, the company has not explicitly ruled out the use of blockchain technology. The recent hiring of Benji Taylor, Aave's former Chief Product Officer, has further fueled speculation about the product's potential overlap with the crypto space.
As X prepares to launch its payments platform, it remains unclear whether the company will compete with crypto for users or eventually integrate crypto rails into its system. Bier's post has left the crypto community waiting with bated breath for the company's next move, which could potentially be a catalyst for the industry's growth.