In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, hinted that the company may be working on a solution to address the challenges faced by the crypto industry this year. "Crypto has had a rough year. Maybe we should launch something to fix it," Bier wrote. This statement comes ahead of the highly anticipated launch of X Money in April, which will offer 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.
Although details about the product's underlying technology are scarce, it is clear that it will be based on fiat currency, with no confirmed integration of crypto functionality. However, the company 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, has also sparked speculation about the potential direction of X Money. While it is unclear whether X will compete with crypto or eventually incorporate it into its payments stack, Bier's statement has added to the ambiguity surrounding the company's plans. As the crypto industry waits for its next catalyst, it remains to be seen whether this will come from within the industry itself or from external platforms like X.