Nikita Bier, X's head of product, recently sparked intrigue with a statement that may have revealed the company's plans. 'Crypto has had a rough year, perhaps it's time we introduce something to address these issues,' Bier wrote in a post that garnered over 677,000 views in a matter of hours. This statement comes as Elon Musk prepares to launch X Money in April, featuring peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa and available in over 40 US states.
While the specifics of X Money's underlying technology remain unclear, the product's design overlaps with areas where crypto has been focused, such as instant payments and earning interest on dollar balances. Notably, X recently hired Benji Taylor, formerly of Aave, as part of its team.
Bier has expressed admiration for Taylor's past work, calling one of his products one of the best-designed he has seen. The question remains whether X will choose to compete with crypto or eventually integrate it into its payments system. For now, the ambiguity surrounding X Money's potential impact on the crypto space continues, leaving many to wonder if the next major development in crypto will come from within or from external platforms like X.