In a recent post that garnered over 677,000 views in a matter of hours, Nikita Bier, X's head of product, implied that the company may be working on a solution to address the challenges faced by the crypto industry. "Crypto has had a rough year. Maybe we should launch something to fix it," Bier wrote.
This statement comes just weeks before the anticipated launch of X Money in April, which is expected to 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 is clear that X Money will be a fiat-based product, at least initially.
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, as the Head of Design at X, further fuels speculation about the company's plans.
As the launch of X Money approaches, the question remains whether it will compete with or complement existing crypto solutions, potentially using blockchain infrastructure without directly exposing users to it. For now, the crypto community is left to wonder if the next major development will come from within the industry or from external players like X.