Nikita Bier, X's head of product, recently made a statement that has generated significant interest, saying 'Crypto has had a rough year. Maybe we should launch something to fix it.' This comment 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 are still emerging, it has been confirmed that it will be fiat-based, with no explicit mention of crypto functionality.
However, the company has not ruled out the possibility of incorporating blockchain technology in the future. The hiring of Benji Taylor, Aave's former Chief Product Officer, has also sparked speculation about the potential overlap between X's product and the crypto space.
As the launch of X Money approaches, it remains to be seen whether the product will compete with or integrate with existing crypto solutions, potentially offering users a new way to generate yield and conduct instant payments.